The U.S. and Iran have signed a memorandum of understanding to settle a near four-month war, senior U.S. officials said Monday, adding that a signing ceremony would take ‌place on Friday and shipping traffic in the ​strait of Hormuz would ramp up.

The memorandum of understanding has been signed ⁠by President Donald Trump and Vice President JD Vance ​and Iranian Parliament speaker Mohammad Bagher Qalibaf, one U.S. official ⁠said.

Speaking at a briefing with reporters, the officials added that a signing ceremony will occur Friday.

"You will ‌see significant increase in traffic in ​the Strait of Hormuz, ‌actually starting already, and that will ramp up slowly over time," one of the officials, speaking on the condition of anonymity, said.

"We probably won't return to normal in two weeks, but ⁠we will see a significant ‌increase in strait ⁠traffic," the official said.

The U.S. and Iran said they agreed ⁠terms ⁠to end their war and reopen the strait, news that brought relief to ‌markets, although the pact may hinge on an end to hostilities in Lebanon and defers talks on Tehran's nuclear program.

While ‌still ​a framework, the ‌deal marked the biggest breakthrough toward resolving the conflict that has killed thousands and upended energy markets ​since it began with joint U.S.-Israeli strikes on Iran in February.