12.5 million barrels of oil passed through the Strait of Hormuz on Wednesday night after the framework for peace in Iran was signed, marking the strongest sign yet of a rapidly easing global energy supply.
Vance told reporters Thursday that more oil is flowing through the Strait, touting the breakthrough following the nearly four-month conflict.
“That is a high since the beginning of the conflict,” Vice President JD Vance said during the White House press briefing.
The United States Navy has allowed more than a dozen ships through Iranian ports, according to Vance, lifting a blockade as part of an agreement to end the war.
The war, which erupted on Feb. 28, has significantly strained the global economy. Iran effectively closed the Strait of Hormuz amid the conflict, pushing energy prices higher and increasing costs worldwide.
But Vance pointed to the significant progress that has been made since both sides signed the memorandum of understanding, a significant step toward ending the war and advancing peace.
“Oil prices are down nearly at their level from the pre-war [level],” Vance said. “Gas prices dropped below $4/gallon today for the first time since the conflict, and importantly, they're going to keep falling further given how low oil prices are.”
Furthermore, Vance said, Iran hasn’t attacked any vessels in the Strait in the wake of the newly established peace agreement.
“The Iranians, for the second night in a row, did not shoot at any ships in the Strait of Hormuz,” Vance said.
As part of the 14-point memorandum of understanding, both sides have committed to further technical talks in which details would be ironed out and finalized in a comprehensive peace agreement.
Moving forward, according to Vance, the United States will ensure that international waterways will no longer be used as a "chokepoint for the global economy ever again."
The vice president said that he intends to travel to Switzerland for discussions on the Iran deal, though he has not yet determined when the trip will take place. Vance has been expected to lead the continued negotiations on implementing the agreement, which is designed to reduce Iran’s stockpile of highly enriched uranium and restore oil shipments through the Strait of Hormuz.