Trump Highlights Record Oil Flow Through Strait of Hormuz

On Tuesday, President Donald Trump announced that 19 million barrels of oil flowed through the Strait of Hormuz on Monday, describing the world as "more secure" following the signing of a memorandum of understanding with Tehran.

Trump posted on social media that the 19 million barrels of oil passing through the Strait represented an "unprecedented record."

He also noted a sharp decline in oil prices, stating that "the world has become a much safer place."

Oil prices fell again on Tuesday, extending losses after a steep drop in the previous session, as investors awaited clearer indications of progress on resuming crude oil flows through the Strait of Hormuz following talks between the United States and Iran, according to Reuters.

By 0323 GMT, Brent crude futures had decreased by 20 cents, or 0.3%, to $77.70 per barrel, while U.S. West Texas Intermediate crude fell 12 cents, or 0.2%, to $73.74 per barrel.

Prices had dropped more than 3% on Monday after the United States granted Iran a 60-day sanctions exemption following initial negotiations. Officials also reported a reduction in hostilities in Lebanon as part of a broader agreement.

Analysts at ING Bank stated in a note that "the gradual increase in oil flows through the Strait of Hormuz continues to impact the market."