The U.S. is lifting its naval blockade of Iran after Tehran met Washington’s key conditions. Trump announced via Truth Social that the agreement includes Iran’s commitment to renounce nuclear weapons, immediately open the Strait of Hormuz without transit fees, and neutralize sea mines. Uranium is to be extracted by the US in cooperation with Iran and the IAEA, and then destroyed.
Trump noted, however, that no funds would be released until further notice, and that a final decision would be made following a meeting in the Situation Room.
Markets are reacting instantly—oil prices are falling sharply, as is the dollar, in anticipation of an easing of tensions in a region critical to global energy supplies. The Strait of Hormuz accounts for about 20% of global oil exports.
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