The prices of oil futures tumbled on Friday as United States President Donald Trump announced that he will make a “final determination” on the Iran agreement soon. The US head of state further mentioned that Washington will lift the blockade in the Strait of Hormuz, adding that Tehran’s enriched uranium will be “destroyed.” The latest development likely reduced worries on the supply side. West Texas Intermediate (WTI) for July deliveries plunged 2.32% at 11:14 am ET, going for $86.37 per barrel. At the same time, Brent for the August settlements dropped 2.70%, selling at $90.10 a barrel.
Trump to make ‘final determination’ on Iran soon
United States President Donald Trump said on Friday that he is going into the White House’s situation room to meet his administration officials and make a “final determination” on the terms of the agreement with Iran. The US president reiterated that Iran must agree not to have a nuclear weapon and that the Strait of Hormuz must be opened “immediately,” without any tolls, while all the underwater mines will have to be completely removed by Iran. He added that the US will lift its naval blockade, so that the ships stuck in the waterway can start “heading home.” Trump also noted that Iran’s enriched uranium will be unearthed and “DESTROYED” by Washington in coordination with Iran and the International Atomic Energy Agency (IAEA). “No money will be exchanged, until further notice. Other items, of far less importance, have been agreed to,” Trump said in a post on Truth Social.