US President Donald Trump announced that a record-breaking 19 million barrels of oil transited the Strait of Hormuz on Monday, marking the highest single-day flow in history.

This surge followed a new diplomatic understanding with Iran, which temporarily lifted sanctions and reopened the critical maritime corridor, driving oil prices down and signalling renewed stability in global energy markets.

Trump declared that the Strait of Hormuz had witnessed unprecedented maritime activity after Washington and Tehran reached a memorandum of understanding last week. He emphasised that the oil transit figure represented an all-time record, describing it as an “oil gusher” and affirming that the strait was now completely open for international trade.

In a post on Truth Social, Trump celebrated the outcome of the agreement, stating that oil prices were tumbling and the world had become a safer place. Brent crude futures fell to around 77.45 US dollars per barrel, while West Texas Intermediate dropped to approximately 73.52 US dollars, reflecting immediate relief in global markets.

During a White House briefing, Trump highlighted two strategic achievements: ensuring unhindered global energy flows through the strait and permanently blocking Iran’s path to nuclear weapons. He reiterated that peace and regional stability were central to his administration’s objectives, stressing that Iran would never be allowed to acquire an atomic bomb.

The United States formally paused its economic embargo on Iranian crude shipments on Monday. The Treasury Department issued a 60-day licence authorising transactions involving Iranian oil, petroleum products, and petrochemicals until 21 August. This move followed Vice President JD Vance’s announcement that Tehran had agreed to permit the re-entry of United Nations atomic inspectors, a step seen as critical for advancing nuclear oversight.

Vance described the negotiations at Switzerland’s Burgenstock resort as laying a strong foundation for a final deal. He likened the process to building a house, noting that while the structure was not yet complete, the groundwork had been successfully established.

The talks are designed to address long-standing disputes, particularly Iran’s nuclear enrichment programme, and to consolidate the fragile truce that ended nearly six weeks of conflict.

Iranian officials offered a cautious perspective. Foreign Ministry spokesperson Esmaeil Baqaei confirmed that nuclear issues were briefly discussed but insisted that no detailed negotiations had taken place. Foreign Minister Abbas Araghchi later announced that oil and petrochemical exports had been waived, the blockade lifted, frozen assets released, and a major reconstruction plan launched for Iran, signalling tangible economic benefits from the framework.

Despite these advances, regional tensions remain unresolved. Israeli Prime Minister Benjamin Netanyahu voiced strong reservations about the transitional agreement, asserting that Israeli forces retained full freedom of action to counter threats in southern Lebanon. This statement underscored the fragility of the peace process and the potential for renewed instability.

The record oil transit through the Strait of Hormuz represents a significant milestone in global energy flows and diplomacy. Analysts noted that while the immediate easing of oil prices offers relief to consumers and businesses worldwide, the long-term stability of the strait will depend on sustained diplomatic engagement and the successful conclusion of negotiations between Washington and Tehran.

ANI