Trump says Iran deal prevents nuclear weapon, oil prices dip as Strait of Hormuz expected to reopen

Brent crude fell to $79.90 a barrel, its lowest level since early March, as markets reacted to optimism that a U.S.-Iran agreement will lead to the reopening of the Strait of Hormuz. President Donald Trump told reporters at the G7 summit that the deal’s primary purpose is to ensure Iran never obtains a nuclear weapon, describing it as a "wall against a nuclear weapon" and contrasting it with the 2015 JCPOA, which he said could have "destroyed the Middle East." He added that the agreement will be sent to Congress for approval and that a news conference will be held to read the document word for word.

Trump said Iran is eager to finalize the deal and that the Strait of Hormuz would be opened "toll-free" beyond the initial 60-day period. He indicated there is no rush to confiscate Iran’s enriched uranium and that the United States will not invest money in Iran, calling reports of an investment fund "ridiculous."

Seven vessels – three tankers and four cargo ships – have transited the strait since the deal was announced, far fewer than the pre-conflict average of over 100 daily crossings. Qatar’s foreign ministry described its stance as "cautiously optimistic" about the framework, noting that reopening the strait would allow energy supplies to resume.

U.K. Prime Minister Keir Starmer said the reopening is "very, very important" for the British economy, citing the impact of higher energy costs on households. U.S. Vice President JD Vance said the memorandum of understanding is about a page and a half and that technical talks on Iran’s nuclear programme are expected to begin this week, with sanctions relief contingent on Iran meeting its commitments.

The details of the agreement have not yet been released, and officials from both sides have offered differing statements on issues such as the status of Lebanon and the extent of U.S. economic pledges.