PiCK
Trump Says Strait of Hormuz to Be Fully Open by June 19 as Iran Deal’s Second Phase Advances Quickly
Summary
- President Trump said the core of the agreement between the US and Iran is to prevent Iran from possessing nuclear weapons.
- Trump said the Strait of Hormuz would be fully open by Friday and that there would be no tolls if it remains permanently open.
- Markets are focused on whether the US-Iran agreement is implemented and whether transit through the Strait of Hormuz returns to normal, with the possibility that concerns over crude supply ease, while pressure from oil prices and inflation also declines.
Forecast Trend Report by Period
President Donald Trump said the core of a US-Iran agreement is preventing Iran from obtaining a nuclear weapon. He also reiterated that the Strait of Hormuz would be fully open by Friday.
Walter Bloomberg, an overseas markets news account, reported June 16 that Trump said, “This deal is about one thing,” adding that “Iran will never have a nuclear weapon.”
Trump also said he would send the Iran agreement to Congress for review. Within days, he said, he would review an Iran memorandum of understanding with the press and hold a news conference on the agreement.
Trump again addressed the timing for a full reopening of the Strait of Hormuz. He said the waterway would be “completely open by Friday” and that there would be no tolls if it remained permanently open.
On follow-up talks with Iran, Trump left the timetable open. He said negotiations could last more than 60 days or less than 60 days. Still, he added, the second phase of the Iran agreement would move quickly.
Trump also raised the possibility of tougher sanctions on Russia. “We could soon strengthen sanctions on Russia,” he said.
Markets are watching whether the US-Iran agreement is implemented and whether shipping through the Strait of Hormuz returns to normal following Trump’s remarks. If the strait’s reopening is confirmed, concerns over crude supply could ease, reducing pressure from oil prices and inflation.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
