Vance Terms Iran Deal Framework A 'Big Win For American People', Says Strait Of Hormuz Expected To Be Toll-Free For Long Term

During an interview with CNBC, Vance said the agreement is structured around a two-step verification process, backed by sanctions and enforcement measures designed to ensure Iran complies with its commitments.

• Vance added that Iran’s nuclear program has been destroyed “comprehensively” following the strikes on the nuclear sites over the past year and a half.
• He said that the U.S. would invite Iran to the world economy if it adheres to these commitments.
• Vance added that many of the technical details of the agreement are yet to be figured out and will be addressed during the 60-day talks.

Vice President JD Vance on Monday termed the U.S.-Iran deal framework as a “big win for American people,” while adding that the Strait of Hormuz is expected to remain toll-free for the long term.

During an interview with CNBC, Vance said the agreement is structured around a two-step verification process, backed by sanctions and enforcement measures designed to ensure Iran complies with its commitments.

“What this deal does fundamentally is two things. It immediately reopens the Straits of Hormuz… we’re already seeing in the past 24 hours more traffic flow, the oil price is coming down. You also have the long-term commitment that Iran will never develop or procure a nuclear weapon,” he said.

Vance Says Iran’s Nuclear Program ‘Comprehensively’ Destroyed

Vance added that Iran’s nuclear program has been destroyed “comprehensively” over the past year and a half following the strikes on the Iranian nuclear sites over the past year and a half.

“What this agreement does is say to the Iranians that you don’t have access to the money to rebuild that nuclear program, but if you’re willing to give up that program long-term, if you’re willing to accept the inspections and verification regime that necessary to give us the confidence that you’re never going to have a nuclear weapon, then we want you to be a prosperous country,” he added.

Vance said that the U.S. would invite Iran to the world economy if it adheres to these commitments. He added that many of the technical details of the agreement are yet to be worked out, which will be done over the 60-day talks.

“We feel quite confident that we’re in a strong position,” he added.

Trump Says Ships Are Starting To Move

Meanwhile, President Donald Trump stated in a post on Truth Social that ships are beginning to move through the Strait of Hormuz, many of them loaded with oil.

“They are going along the Southern ‘Highway,’ which is totally safe, secure, and pristine. There are other areas of travel, also!!!” he added.

Crude oil prices tumbled on Monday following the announcement of the framework between the United States and Iran. U.S. West Texas Intermediate (WTI) crude futures expiring in July were down 5.05%, hovering around $80.59 a barrel. Brent crude futures expiring in August fell 4.59% to hover around $83.32 a barrel.

The United States Oil Fund ETF (USO) fell 4% at the time of writing, while the ProShares Ultra Bloomberg Crude Oil ETF (UCO) declined about 6%.

At the time of writing, the SPDR S&P 500 ETF (SPY), which tracks the S&P 500 index, was up 1.33%; the Invesco QQQ Trust ETF (QQQ) rose 2.2%; and the SPDR Dow Jones Industrial Average ETF Trust (DIA) gained 1.21%. Retail sentiment on Stocktwits regarding the S&P 500 ETF was in the ‘bearish’ territory.

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