The United Nations Secretary-General António Guterres on Sunday welcomed an announced peace deal between the United States and Iran, remaining hopeful it represents a step toward permanently ending regional hostilities.

Guterres indicated in a statement that he is deeply appreciative of the role countries such as Pakistan, Qatar and Egypt played in supporting the deal, and hopes that all parties involved in the conflict will take this new momentum into negotiating a final end to the war. This agreement marks the biggest breakthrough in conflict resolution since the fighting began in late February with US-Israel strikes on Iranian military and nuclear sites.

The conflict has disrupted the global economy and taken a grave environmental toll, posing long-term health risks to the local populace. After weeks of failed negotiations, during which sporadic strikes between the parties were still being traded, the US and Iran finally seemed to reach an agreement on Sunday for an immediate ceasefire and reopening of the Strait of Hormuz—a chokepoint for 20% of the global oil supply.

“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. Ships of the World, start your engines. Let the oil flow!” US President Donald Trump posted on social media.

While details of the memorandum of understanding (MOU) have yet to be released, officials have confirmed that the terms include an end to the conflict, removal of both US and Iran naval blockades, and a reopening of the strait within 30 days of signing. The ceasefire between the two countries will continue for a period of 60 days in which talks of a permanent end to the hostilities will occur. Also likely up for discussion within the 60-day period is the fate of Iran’s nuclear program, a sticking point in past negotiations.

Pakistan’s Prime Minister Shehbaz Sharif said the MOU will be signed June 19 in Switzerland.

Though temporary, the deal allows humanitarian aid groups to resume operations in West Asia. Guterres stated the UN “stands ready to support a durable and comprehensive peace.”