Trump announces US-Iran peace deal, Strait of Hormuz open for oil
By Aboki Forex —
The United States has announced a peace deal with Iran, ending a three-month conflict that pushed global energy prices to multi-year highs.
US President Donald Trump made the announcement on his Truth Social handle on Sunday. He said a deal with the Islamic Republic of Iran is now complete. Trump also said he was lifting a weeks-long naval blockade on Iranian ports. The Strait of Hormuz is now open to all ships.
“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!” Trump wrote.
The announcement came on the American president's birthday.
Pakistan’s Prime Minister Shehbaz Sharif also confirmed the deal. He said the US and Iran had finalised an agreement after intensive talks. Sharif played a key neutral role in the negotiations.
The deal is expected to ease global oil supply fears and lower crude prices. Nigeria, a major oil exporter, may feel the impact on its export earnings and fuel import costs.