U. S. President Donald Trump announced on Wednesday that the United States will assist in increasing shipping traffic in the Strait of Hormuz.
On Tuesday, he agreed to a two-week ceasefire with Iran just before the deadline for Tehran to reopen the strait or face attacks on its civilian infrastructure. This agreement requires Iran to stop its blockade of oil and gas supplies through the strait, which carries about one-fifth of global oil shipments.
Trump stated that the U. S. would be prepared with various supplies to ensure smooth operations in the region and mentioned the potential for significant financial gains and reconstruction efforts in Iran. He claimed that the U. S. achieved a “total and complete victory” with this ceasefire.
The temporary halt in conflict and the reopening of Hormuz would enable Middle Eastern exporters to ship large amounts of oil currently trapped in the Gulf, estimated at around 130 million barrels of crude oil and 46 million barrels of refined fuels on approximately 200 tankers.
With information from Reuters
