After over three months of hostilities, President Donald Trump on Sunday announced that the U.S. and Iran have reached a deal for the reopening of the Straits of Hormuz.
“The Deal with the Islamic Republic of Iran is now complete. Congratulations to all!,” Mr Trump announced in a statement on Truth Social.
Though Mr Trump did not disclose details of the agreement, the American president stated, “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!”
Since U.S-Israeli forces launched Operation Epic Fury on Iran, killing the Islamic Republic Supreme Leader Ayatollah Ali Khamenei on February 28, crisis has erupted, causing a massive disruption in global oil market.
With Iran blocking the Strait of Hormuz, the narrow ocean passageway connecting the Persian Gulf to the open ocean through which about 20 per cent of world’s oil and gas is ferried, oil and gas prices have soared globally.
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