Trump said he had received a promise from Iran not to charge fees in the Strait of Hormuz. Brent is below $75

U.S. President Donald Trump said that ships passing through the Strait of Hormuz will not be subject to any duties, insurance fees, or other charges, according to CNBC. The U.S. leader said he received this assurance from Iran.

Oil prices, which have continued to decline amid the de-escalation of the conflict in the region, fell even further following this statement. Futures for the benchmark Brent crude are now trading below $75 per barrel, having lost more than 3% since the start of trading on June 24. North American WTI is trading below $71 per barrel.

According to the memorandum of understanding—essentially a temporary peace agreement—between the United States and Iran, the parties have agreed to keep the Strait of Hormuz open to shipping without charging fees for at least 60 days, as well as to cease all hostilities. Meanwhile, they are trying to reach an agreement on the document’s contentious points.

This article was AI-translated and verified by a human editor