Oil Price Plunge After Iran Allows Safe Passage Through Strait of Hormuz
Oil prices have plunged as Iran has allowed the safe passage of vessels through the Strait of Hormuz during the two-week ceasefire. Both the United States and Iran have agreed to halt attacks, which will give Americans a much-needed break at the pump.
According to a report by CNBC, US ruler Donald Trump said the two-week ceasefire was subject to Iran agreeing to a complete, immediate, and safe opening of the Strait of Hormuz. The U.S. has received a 10-point proposal from Iran that is a workable basis for negotiations, he said.
“Almost all of the various points of past contention have been agreed to between the United States and Iran, but a two-week period will allow the Agreement to be finalized and consummated,” Trump said in a social media post.
Iranian Foreign Minister Seyed Abbas Araghchi said Tehran will allow safe passage through the Strait during the ceasefire via “coordination with Iran’s Armed Forces and with due consideration to technical limitations.” –CNBC
“If attacks against Iran are halted, our Powerful Armed Forces will cease their defensive operations,” Araghchi said in a social media post.
Iran has already said that this ceasefire agreement acts as a defeat of the U.S. That statement is not likely to sit well with the war mongers in the ruling class.
Trump’s Deadline For The Opening Of The Strait Of Hormuz Is “Final”
“A whole civilization will die tonight, never to be brought back again,” Trump said in a social media post earlier on Tuesday. “I don’t want that to happen, but it probably will.”
It turned out to be nothing more than war-mongering fluff coming from the current ruling class.
About 20% of all global oil supplies passed through the Strait before the U.S. and Israel attacked Iran on February 28th. The narrow sea route connects producers in the Persian Gulf to global markets.
At least the pain at the pump could be alleviated as the negotiations continue and the vital waterway is reopened.
This article has been contributed by SHTF Plan. Visit www.SHTFplan.com for alternative news, commentary and preparedness info.
Source: https://www.shtfplan.com/economics/oil-price-plunge-after-iran-allows-safe-passage-through-strait-of-hormuz
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