Strait of Hormuz will reopen 'toll-free' under US-Iran deal, says Trump
Meanwhile, global oil prices continued to decline
US President Donald Trump has said the Strait of Hormuz will reopen for international shipping without any tolls under a deal reached between Washington and Tehran to end the war.
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Speaking at the G7 summit in France on Tuesday (16 June), Trump said the agreement would ensure the strategic waterway remains open while also reiterating that Iran would "never have a nuclear weapon," reports BBC.
Pakistan, which played a key mediating role, announced on Sunday that the United States and Iran had reached an agreement, though details of the deal have not yet been made public.
US administration officials later said the agreement had already been signed electronically by both sides, with a formal signing ceremony expected to take place in Geneva, Switzerland, later this week.
Trump also criticised Israel's handling of its military operations in Lebanon, saying Prime Minister Benjamin Netanyahu needed to act "more responsibly" regarding the conflict involving Hezbollah.
Meanwhile, global oil prices continued to decline as markets reacted with cautious optimism over the US-Iran agreement and the possibility of reduced tensions in the region.
Brent crude, the international benchmark, fell 2.6% to around $81.05 a barrel on Tuesday after dropping 4.5% the previous day following news of the agreement.
Oil prices remain below the wartime peak of around $120 a barrel but are still above the pre-conflict level of about $70.
Stock markets also showed modest gains after investors welcomed signs of a possible easing of geopolitical tensions, with major indexes in London, Paris and Frankfurt trading slightly higher on Tuesday.
