Washington: The US forces lifted the blockade on all maritime traffic entering and exiting Iranian ports and coastal areas, the US Central Command said. 

"American forces are not impeding the transit of vessels to or from Iranian ports. All US military blockade enforcement efforts have ceased," the command wrote on X.

US warships "will remain in the general area to make sure that all aspects of the agreement are adhered to, obeyed and in full force and effect," it added.

The move came one day after the US signed a memorandum of understanding with Iran, Xinhua news agency reported.

Meanwhile, US President Donald Trump on Wednesday unveiled the details of a new agreement with Iran that, he said, would prevent Tehran from obtaining a nuclear weapon, reopen the Strait of Hormuz and create an opportunity for a broader diplomatic reset across the Middle East.

Speaking at the conclusion of the G7 summit in France, Trump said the agreement would end the current conflict and launch negotiations towards a comprehensive settlement while preserving the option of renewed military action if Iran failed to comply.

"On Sunday, we reached an agreement with Iran that achieves everything we set out to accomplish," Trump said.

"Ending the current conflict, reopening the Strait of Hormuz and preventing Iran from obtaining a nuclear weapon."

Senior US officials later released the text of a 14-paragraph memorandum of understanding that commits Iran not to "procure or develop nuclear weapons", restores commercial shipping through the Strait of Hormuz and establishes a 60-day period for negotiating a final agreement.

The memorandum also links sanctions relief to Iranian compliance and provides for international oversight of Tehran's enriched nuclear material.