The post Iran’s Foreign Minister: Safe passage of Hormuz will be possible for two weeks appeared on BitcoinEthereumNews.com.

Iran’s Foreign Minister, Abbas Araghchi, said on Tuesday that safe passage of Hormuz will be possible for two weeks. This statement came after US President Donald Trump agreed to a two-week ceasefire with Iran.  Key quotes If attacks are halted, forces will stop actions. Safe passage of Hormuz will be possible for 2 weeks. Iran will halt attacks provided attacks against it cease. Market reaction Crude oil prices attract some sellers following this headline. At the time of writing, the West Texas Intermediate (WTI) is down 14.15% on the day at $88.85 WTI Oil FAQs WTI Oil is a type of Crude Oil sold on international markets. The WTI stands for West Texas Intermediate, one of three major types including Brent and Dubai Crude. WTI is also referred to as “light” and “sweet” because of its relatively low gravity and sulfur content respectively. It is considered a high quality Oil that is easily refined. It is sourced in the United States and distributed via the Cushing hub, which is considered “The Pipeline Crossroads of the World”. It is a benchmark for the Oil market and WTI price is frequently quoted in the media. Like all assets, supply and demand are the key drivers of WTI Oil price. As such, global growth can be a driver of increased demand and vice versa for weak global growth. Political instability, wars, and sanctions can disrupt supply and impact prices. The decisions of OPEC, a group of major Oil-producing countries, is another key driver of price. The value of the US Dollar influences the price of WTI Crude Oil, since Oil is predominantly traded in US Dollars, thus a weaker US Dollar can make Oil more affordable and vice versa. The weekly Oil inventory reports published by the American Petroleum Institute (API) and the…

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Filed under: News - @ April 8, 2026 12:25 am