Summary
- President Donald Trump said the Strait of Hormuz will be fully open before Friday.
- He said international oil prices have fallen amid expectations for a U.S.-Iran agreement, with Brent crude dropping below $80 a barrel and WTI sliding to about $78 a barrel.
- Markets cited the possibility of easing oil supply concerns and lower inflation pressure, while saying a formal signing and detailed implementation steps remain near-term variables.
President Donald Trump said the Strait of Hormuz will be fully open before Friday, adding that oil prices are falling quickly as shipping resumes following a U.S.-Iran agreement.
BlockBeats, a media outlet focused on digital assets, reported on June 16 that Trump reiterated the U.S. had reached an agreement with Iran and said ships had started moving through the Strait of Hormuz.
"The Strait of Hormuz will be fully open before Friday," Trump said. "Prices have started coming down, and oil prices are falling fast."
The Strait of Hormuz is a key maritime route for crude oil and liquefied natural gas shipments from the Middle East. During tensions between the U.S. and Iran, markets had treated the risk of a closure and oil supply disruptions as a major threat.
As expectations for a U.S.-Iran agreement have increased, international oil prices have extended their decline. Brent crude fell below $80 a barrel on June 16, the lowest since March 10, while West Texas Intermediate slid to about $78 a barrel.
Markets say confirmation that traffic through the Strait of Hormuz has normalized would ease concerns over oil supplies and reduce inflation pressure. Still, a formal signing and detailed implementation steps remain outstanding, leaving the status of the reopening and any additional announcements as near-term variables.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
