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Amid the ongoing tensions between the US and Iran, President Donald Trump has made a significant statement. Trump expresses hope that ongoing negotiations between the two countries could soon lead to an agreement. He stated that the talks are progressing in the right direction and that the conflict could end “very soon.” Trump’s statement is also being linked to the ongoing negotiations regarding the Strait of Hormuz. Decreasing tensions in this sea route, one of the world’s most important oil trade routes, could alleviate concerns about global oil supplies. This is expected to impact crude oil prices as well as gasoline and petrol prices.

Could the conflict with Iran end soon?
According to a Fox News report, Trump expressed optimism about the US-Iran talks while speaking to reporters in the Oval Office on Thursday. He said he sees good progress in the talks and that the two sides could move closer to an agreement. Trump said, “I think we’re doing a great job. I’m involved in the talks. I think we’re doing the right thing, and it could happen soon.” The US President also claimed that Iran will not be able to continue the current conflict for long.

What is America’s concern about Iran’s nuclear weapons?
Iran’s nuclear program is a major cause of tension between the US and Iran. Trump once again clarified that the US will not allow Iran to acquire nuclear weapons. He said, “When I initiated this very important initiative with the Islamic Republic of Iran, it was very important because they cannot have nuclear weapons. Otherwise, the entire world will be destroyed. We will not allow that to happen.” Trump’s statement clearly shows that despite the talks, there has been no major change in the US stance on Iran’s nuclear program. While Washington is trying to de-escalate tensions through diplomatic means, it remains firm on the possibility of Iran acquiring nuclear weapons.

What is the dispute over the Strait of Hormuz?
The Strait of Hormuz is one of the most important issues in US-Iran negotiations. Trump acknowledged that security concerns remain, although some progress has been made in the talks. “I don’t want to say it’s completely open. We have a blockade led by the US Navy, and we control it,” Trump said. He also warned about the threat of potential mines being laid in the sea. According to Trump, if even one mine remains in the seaway, the situation could become serious. Companies operating billions of dollars worth of ships may hesitate to sail through it amid such a risk.

Why is Hormuz so important?
The Strait of Hormuz is a highly strategic sea route connecting the Persian Gulf and the Gulf of Oman. Large quantities of crude oil and energy products originating from the Gulf region travel through this route to various markets around the world. Therefore, any disruption in the Strait of Hormuz has repercussions not limited to the Middle East. If shipping is disrupted, the risk of global oil supply being affected increases, potentially leading to a sharp rise in crude oil prices in the international market. On the other hand, if an agreement is reached between the US and Iran and traffic in the Strait of Hormuz returns to normal, the uncertainty in the oil market could ease.

Will the US-Iran agreement lead to lower gasoline prices?
Trump has indicated that an agreement between the US and Iran and a normalization of the situation in the Strait of Hormuz could provide relief to fuel prices. In fact, oil prices are significantly impacted not only by production but also by supply concerns. If the market is confident that oil transit through the Strait of Hormuz will continue safely, the risk of supply disruptions will be reduced. This could reduce pressure on crude oil prices. However, this does not mean that petrol and gasoline prices will immediately fall once an agreement is reached. Global oil demand, production, the US fuel market, and other geopolitical developments will also influence prices.