Oil & Energy
Trump Says Deal to be Signed in Next Few Days; Strait of Hormuz to Open 'Very Soon'
US President Donald Trump said that the US has made a "great settlement" with Iran, adding that it should be finalized in the next few days, with a signing likely in Europe.Trump made the remarks during an interaction with reporters at a White House event on Thursday, posted on the White House social media channel."We just made a great settlement of the war with Iran, and we're going to be subject to finalization of documents," Trump said.He added that the agreement would be signed in the next few days, "We should get done over the next few days, probably have a signing, maybe in Europe..."Trump said the Strait of Hormuz would officially reopen once the agreement is signed, saying that could happen "very soon, maybe over the weekend..."Trump went on to note how oil markets had tumbled following the announcement."Oil dropped, oil will start coming down to, I think even lower than it was before... It's going to come down, and when oil comes down, everything else comes down," he said.He added the agreement would prevent Iran from obtaining a nuclear weapon, which he described as the main objective of the negotiations, and said the signing would take place "soon" because the documents are "in pretty final shape.""They [Iran] want it every bit as much as everybody else wants, and I think a lot of good relationships can ensue from this," Trump said, adding that he had spoken with leaders of countries including Israel, Qatar, UAE, Saudi Arabia, Bahrain, Kuwait, and others.He added that he will also be talking to Turkey.The Middle East approved the deal, and the Strait of Hormuz will open soon, according to Trump."The whole Middle East is happy, and along beyond the Middle East, the Strait will open as soon as we have it signed," Trump said.The US President said that everyone in Iran had approved the deal, "And they've all approved the deal, everybody's approved the deal.".He added that it was a good deal for the US and the Middle East. "It's a great deal for the United States and for the Middle East, and I think ultimately great for Iran, because they'll be able to build up their country."Trump said the agreement remains highly likely to move forward, describing it as "a very detailed memorandum of understanding" backed by countries that hold significant influence over Iran.Responding to a reporter's question on whether the US military operation on Kharg Island scheduled for Thursday night is off the table, Trump said, "Well, now it would be if we signed this agreement, it would be."He reiterated that the US had been targeting vessels carrying large volumes of oil over the last month.Trump also pointed to Venezuela as an example of what he described as a successful energy and geopolitical relationship, saying the US has "millions of barrels of oil" flowing from Venezuela to Houston, and that cooperation with the Venezuelan government was "very good" and "couldn't be better."On Wednesday, Trump posted on Truth Social that the US had been conducting "secret missions" allowing commercial ships to transport millions of barrels of oil through the Strait of Hormuz.Oil prices extended their losses following Trump's remarks, with Brent crude falling 4.18% to $89.21 per barrel and West Texas Intermediate crude dropping 4.01% to $86.42/bbl.
