Trump Confirms Reopening of Strait of Hormuz Amid Ongoing US-Iran War
US President Donald Trump has confirmed that the Strait of Hormuz will reopen 'very soon,' warning Iran that if they back out again, they could face a massive attack. This comment comes as the US, Iran, and Oman are closing in on an interim agreement to reopen the waterway amid ongoing war.
The 60-day deal aims to suspend tolls and transit fees during the period and clear naval mines from the waterway within 30 days. However, Iran has added new demands, including the right to collect maritime fees and an end to the US naval blockade.
Oil prices have fallen below $75 per barrel amid hopes of the Strait's reopening, with a decline of over 13% in the past week. Bitcoin price has risen above $64K, up 2% in the past 24 hours, despite trading volume dropping by 15%.