Trump: Iran Agrees to Keep Hormuz Strait Open; US API Crude Inventory Down 765K Barrels Overnight

According to Trump and Pakistani diplomat statements, Iran has agreed to long-term nuclear inspections and to keep the Hormuz Strait open without implementing a maritime blockade, marking progress in U.S.-Iran negotiations overnight on June 24. The U.S. API crude oil inventory fell 765,000 barrels, below forecasts. Technical negotiations between the U.S. and Iran are set to resume on June 30. Geopolitical premiums have largely dissipated from oil prices.
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