Trump hails 'golden age' for middle east as iran deal reopens strait of hormuz

President Donald Trump declared a 'big day for world peace' as he announced a cease-fire deal with Iran, reopening the strategically crucial Strait of Hormuz. The waterway, which handles 15% of global oil and 20% of liquefied natural gas supplies, had been closed after a US-Israeli attack on Iran. The disruption sparked fears of a major energy shock, with oil prices soaring to over $117 a barrel before dropping to below $95.

Trump touts 'double-sided ceasefire' as iran agrees to reopen strait

In a surprise social media post, Trump revealed 'a double-sided ceasefire' with Iran, emphasizing that both sides have 'had enough.' He pledged that the US would help manage the traffic buildup in the Strait of Hormuz, saying, 'there will be lots of positive action!' Trump added that the US would assist in the reconstruction of damaged Gulf energy infrastructure, hailing the potential for a 'Golden Age' in the Middle East.

Rystad Energy estimates the reported damage and shutdowns could require up to $25 billion to repair the region's LNG assets, refineries, fuel terminals, and gas-to-liquids facilities. The deal marks a significant de-escalation of tensions between Iran and the US-Israel coalition, which had escalated into a full-blown conflict since February 28.