Trump Says Strait of Hormuz Will Soon Be Fully Reopened
Summary
- President Donald Trump said the Strait of Hormuz will soon be fully reopened.
- Markets say a reopening of the Strait of Hormuz could ease uncertainty over global oil supplies.
- The possibility of a blockade during the recent Middle East conflict fueled volatility in international oil prices and financial markets.
Forecast Trend Report by Period
President Donald Trump said the Strait of Hormuz will soon be fully reopened.
Walter Bloomberg reported on June 17 that Trump expressed optimism about progress toward an agreement between the US and Iran, saying the waterway would "soon be fully reopened."
The two sides had previously been reported to be close to a basic agreement on restoring normal operations in the Strait of Hormuz and holding talks on the nuclear issue. After a signing, they plan to conduct follow-up negotiations for about 60 days to reach a final deal.
The Strait of Hormuz is a key energy shipping route through which a substantial share of global seaborne oil passes. The possibility of a blockade during the recent Middle East conflict fueled volatility in international oil prices and financial markets.
Markets view a reopening of the strait as a development that could ease uncertainty over global oil supplies and help reduce tensions in the Middle East.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
