Iran live updates: Israel won't leave Lebanon after US-Iran MOU, minister says

President Donald Trump is trumpeting the "great deal" he has made with Iran, claiming it will bring "peace and security" to the entire region.

He also confirmed the deal will be signed on Friday, claiming that oil will flow from "both ends of the region" after the Strait of Hormuz is opened when the agreement is signed. The oil flow is linked to mine removal, he claims.

"With the opening of the Strait upon the signing of the Deal on Friday, for purposes of mine removal, oil will flow on both ends again for the Region, and the World!" Trump wrote on his social media platform.

-ABC News' Isabella Murray

President Donald Trump said in a post on social media Sunday that the United States and Iran have reached a deal, opening up the Strait of Hormuz.

"I hereby fully authorize the toll free opening of the Strait of Hormuz, and, simultaneously herewith, authorize the immediate removal of the United States Naval blockade," Trump wrote.

"Ships of the World, start your engines. Let the oil flow!" he added.

Iranian Deputy Foreign Minister Kazem Gharibabadi confirmed the deal had been finalized and said it would be signed in Switzerland on Friday.

"All of our positions and important issues are included in the draft understanding," Gharibabadi said in a statement to Iranian state media.

The U.S. and Iran's comments came after Pakistan Prime Minister Shehbaz Sharif announced the peace deal was made. "Both sides have declared the immediate and permanent termination of military operations on all fronts, including in Lebanon," Sharif wrote.