The oil price for US West Texas Intermediate dropped by 6 percent while Brent crude, which is the international standard, dropped by 5 percent to around $83 a barrel.
On Sunday, Trump posted to Truth Social, "The Deal with the Islamic Republic of Iran is now complete. Congratulations to all! 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!" The price of US crude oil came down to about $76 while Brent crude, which is the international standard, dropped to $79 per barrel on Tuesday.
In a follow-up post, the president added, "This Great Deal will bring Peace and Security to the whole Region. Many presidents have tried to make Peace with Iran, and all have failed before me. The Leaders of the Region have, for the first time, found a President who can help them achieve real Peace. With the opening of the Strait upon the signing of the Deal on Friday, for purposes of mine removal, oil will flow on both ends again for the Region, and the World!"
The specifics of the deal are still unclear, and there are questions surrounding the exact details. Iran's deputy foreign minister, Kazem Gharibabadi, said that the framework of the deal has been finalized and a signing ceremony will take place in Friday in Geneva. Trump, as well as the Iranian foreign minister, said that the Strait of Hormuz will open as part of the deal. Vice President JD Vance and Trump said on Monday that the agreement had already been digitally signed.
On Sunday, Trump also reiterated his longstanding point of the negotiations that Iran will "never have a nuclear weapon." He has also said that the US may attack Iran again if they do not surrender its nuclear ambitions.
Oil and energy prices have been driving up costs since the war with Iran began and were responsible for the bulk of May's record inflation rate. However, as tensions ease, the drop in price of oil and gas will likely transfer to a drop in price for consumer goods and groceries as transportation costs lighten.
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