Trump attended the G7 summit to discuss the Iran agreement and the Russian-Ukrainian situation. The reopening of the Strait of Hormuz triggered a drop in oil prices

Comparatively, according to NBC News, US President Trump is attending the Group of Seven (G7) summit in France and will meet with leaders of many countries and Ukrainian President Zelensky to focus on the framework of the cease-fire and agreement recently reached between the US and Iran and the ongoing Russian-Ukrainian conflict.

The report said that the US and Iran have reached a virtual agreement to end the conflict and resume shipping in the Strait of Hormuz, but the full text has not yet been made public. US Vice President Vance said that the relevant documents are expected to be officially released on Friday.

Affected by expectations of the agreement, international oil prices fell sharply. Both US crude oil and Brent crude oil fell by about 4.8%. The market is betting on the resumption of transportation in the Strait of Hormuz, but industry figures are still cautious about the recovery time and sustainability of the agreement.

Furthermore, Vance stated that the framework of the agreement includes allowing the International Atomic Energy Agency (IAEA) to return to Iran and oversee the disposal of highly enriched uranium stocks, but the relevant arrangements have yet to be formally signed and subsequently implemented.