The President stated that while the vital waterway is "ready for business and full passage," the military restrictions targeting Iran will stay in "full force and effect."

‎According to the President, these measures will only be lifted once a pending "transaction" with the Iranian government is finalized.

‎"This process should go very quickly in that most of the points are already negotiated," President Trump said in the statement.

‎The Strait of Hormuz is one of the world's most important oil transit points. While the President’s message suggests a return to normal operations for global commerce, it makes clear that the U.S. will continue to use naval pressure to ensure the completion of diplomatic or economic deals with Tehran.

‎The White House has not yet released specific details regarding the nature of the "transaction" mentioned by the President, but the statement indicates that both parties may be close to an agreement.