President of the United States, Donald Trump, says a record 19 million barrels of oil flowed out of the Strait of Hormuz on Monday. According to Trump on Tuesday, oil prices are tumbling as a result of the oil flow through Hormuz.
“19 million barrels of oil flowed out of the Hormuz Strait yesterday, an all-time record. Oil prices are tumbling down, and the world is a much safer place,” Trump said in a post on his social media handles.
According to oilprice.com, Brent crude fell to $76.75 per barrel on Tuesday, down from $77 per barrel on Monday.
The decline in oil prices came after US Vice President JD Vance said progress had been made in discussions with Iran and confirmed that the Strait of Hormuz remained open, reducing fears of a major supply shock in the global oil market.
The benchmark had earlier risen as high as $82.30 per barrel over the weekend amid renewed tensions following threats by US President Donald Trump to restart military action against Iran and Tehran’s announcement that it had again closed the strategic waterway.
High-level officials from the US and Iran concluded their first round of talks in Switzerland on Monday, according to mediators. The discussions began on Sunday under a memorandum of understanding reached last week to extend a fragile ceasefire from April for at least another 60 days.
