Washington: US President Donald Trump confirmed on Wednesday that oil prices dropped immediately after the announcement of the agreement with Iran. Trump stated that the agreement is beneficial for various reasons, notably for preventing Iran from acquiring nuclear weapons. He also mentioned that the Strait of Hormuz, a critical passage for global oil shipments, has been partially reopened and is expected to be fully operational within the next two days.

According to Iraqi News Agency, Trump emphasized that the agreement with Iran has positively impacted market indicators and led to a decrease in fuel prices. He clarified that the memorandum of understanding does not require the US to pay any money to Iran, although it does not restrict other parties from investing in the country. Trump reiterated that the oil prices experienced an immediate drop following the agreement’s announcement, highlighting the deal’s influence on the global oil market.