Trump Says Hormuz Oil Traffic Hit Record as Prices Ease

U.S. President Donald Trump posted on his social network on Monday that 19 million barrels of oil crossed the Strait of Hormuz the previous day, calling it an all-time record. He added, “Oil prices are falling, and the world is a much safer place.” The remarks came amid ongoing talks between Washington and Tehran, which have included discussion of reopening the strategic waterway to shipping.

The article says the figure and Trump’s broader claim have not been independently verified. It also notes that, contrary to Trump’s statement about a sharp drop, oil was trading at about $74 a barrel, slightly above the previous day’s level. Even so, prices have fallen significantly from the $110 a barrel seen at the peak of Operation “Roar of the Lion.”

In recent weeks, oil prices have generally trended lower as the U.S.-Iran talks advanced. According to the report, oil fell from $93 to $80 within four days as optimism grew over a possible full reopening of Hormuz. The market has responded to the prospect of restored traffic through the strait, which was partially closed during the escalation.

The article also recalls that in March, on the eve of Operation “Roar of the Lion,” oil was around $60 a barrel. It says Iran then shut the Strait of Hormuz and halted a quarter of global oil movement, while attacks on Gulf oil and gas fields disrupted production and sent prices surging.