Trump announces nuclear deal with Iran, lifts Hormuz blockade

Investing.com -- President Donald Trump announced a nuclear agreement with Iran that includes long-term inspections of Iran’s nuclear program and ends the U.S. naval blockade of the Strait of Hormuz.

Under the agreement, Iran agreed to oversight of its nuclear facilities. Trump said Iran has "fully and completely agreed to highest level Nuclear inspections long into the future (Infinity!!!)."

The president stated that this level of access ensures "Nuclear Honesty" and that without such commitments, "there would be no further negotiations."

The U.S. lifted its naval blockade of the Strait of Hormuz, allowing commercial traffic to resume through the waterway. American naval vessels will remain in the region in case it becomes necessary to reinstate the blockade, which Trump said "seems, at this point, highly unlikely."

Trump said 19 million barrels of oil flowed through the strait on Monday, describing it as an "all time RECORD." Oil prices declined following the reopening of the strait.

The agreement includes sanctions relief designed to address a humanitarian crisis in Iran. Released funds will be placed in a U.S.-controlled escrow account and used exclusively to purchase food and medical supplies from the United States.

The purchases will include corn, wheat, and soybeans from American farmers. Trump said "these are things that are desperately needed by Iran" and described the situation as "a humanitarian crisis."

"I feel it is necessary to help, NOW, before it is too late," Trump stated.

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