Trump says US to ease Strait of Hormuz traffic crisis
The US and Iran reached two-week ceasefire agreement on Tuesday
President Donald Trump has announced the US intervention in easing the Strait of Hormuz traffic crisis.
According to Trump, the United States will help with the buildup of shipping traffic in the Strait of Hormuz which has been closed since the start of conflict between the US and Iran.
The positive development comes after the US and Iran agreed to a two-week ceasefire plan brokered by Pakistan.
According to Reuters, a breakthrough deal was finalized on Tuesday, narrowly avoiding a high-stakes deadline set by President Donald Trump.
The agreement was reached with less than two hours to spare, following the President’s stark ultimatum regarding the critical shipping route.
"We'll be loading up with supplies of all kinds, and just 'hangin' around' in order to make sure that everything goes well," Trump said.
"There will be lots of positive action! Big money will be made. Iran can start the reconstruction process," he added.
Moreover, after securing the “two-week ceasefire deal with Iran”, Trump called this progress a “total and complete victory” as reported by Agence France-Presse.
The Strait of Hormuz is the key shipping route which is responsible for shipping 20 percent of the world's oil. The persistent blockade of Hormuz has kept the energy markets and investors on edge, leading to surging prices in oil.
The temporary halt in conflict and reopening of Strait of Hormuz would allow Middle Eastern energy exporters to ship significant volumes of oil. According to data from analytics firm Kpler, around 130 million barrels of crude oil and 46 million barrels of refined fuels are currently floating on roughly 200 tankers in the region.
