Oil tankers start leaving Strait of Hormuz, Trump says

US President Donald Trump has said oil-laden vessels have begun leaving the Strait of Hormuz.

Source: Reuters

Details: Trump said the tankers are moving along a southern "highway", which he described as "totally ​safe, secure, ​and ⁠pristine".

Background:

• Earlier, Donald Trump announced a peace deal with Iran and the opening of the Strait of Hormuz.
• After Trump announced the deal between the United States and Iran and the reopening of the Strait of Hormuz, oil prices fell by about US$4.
• The agreement between Iran and the US guarantees Iran revenue from the use of the Strait of Hormuz. Iran will start charging vessels a fee 60 days after the agreement is signed.

For reference: The Strait of Hormuz remains a key route for global oil exports. Its effective closure amid escalating tensions between the US and Iran had previously caused a sharp rise in oil prices and disruption to tanker traffic.

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