United States (US) Vice President (VP) JD Vance said during the European trading session on Monday that mechanisms have set up to keep the Strait of Hormuz, a vital passage to almost 20% of global energy supply, open, and stop hostilities in Lebanon. Vance added that technical talks regarding the peace deal with Iran will continue.

Remarks

The strait is open.

We have set up a mechanism for keeping the Strait of Hormuz open.

We want to make sure to have proper coordination.

Technical talks will continue in the weeks to come.

We have laid a very good foundation for a successful final deal.

We want a regional ceasefire.

Iran has agreed to invite IAEA inspectors back.

Inspections could begin possibly this week, as soon as today.

We have established a mechanism to halt escalation and clashes in Lebanon.

We want a regional ceasefire, this will be an ongoing conversation.

Market reaction

Oil prices extend their decline after positive remarks from US VP Vance regarding the Strait of Hormuz. At press time, the WTI Oil price trades 1.8% lower at around $75.00

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