President Donald Trump announced the conclusion of a nuclear agreement with Iran, which provides for long-term inspections of the Iranian nuclear program and the lifting of the US naval blockade of the Strait of Hormuz.

Under the agreement, Iran agreed to oversight of its nuclear facilities.

The President emphasized that this level of access ensures "nuclear integrity" and that without such commitments, "there would be no further negotiations."

The US lifted the naval blockade of the Strait of Hormuz, resuming commercial traffic through the waterway. American warships will remain in the region in case the blockade needs to be reimposed, which Trump called "extremely unlikely at this point."

Trump reported that 19 million barrels of oil passed through the strait on Monday, calling it an "all-time high." Oil prices fell after the opening of the Strait.

The agreement provides for sanctions relief to address the humanitarian crisis in Iran. The released funds will be placed in a US-controlled escrow account and used exclusively to purchase food and medicine from the United States.

The purchases will include corn, wheat, and soybeans from American farmers. Trump stated that "this is what Iran desperately needs," and described the situation as a "humanitarian crisis."

"I believe it's imperative to provide assistance NOW, before it's too late," Trump said.