Iran’s Strait of Hormuz opens as oil prices PLUMMET

[00:00:00]President Trump's agreement with Iran now fully in effect and already delivering real results. Right now, millions of barrels of oil flowing through the Strait of Hormuz again.

[00:00:09]Global markets responding, gas prices starting to come down. It's a great day.

[00:00:13]It's a great Friday, everybody. Thanks for joining us. I'm Jan Jeffcoat. It's June 19th. We want to now welcome our charged viewers live with us on the East Coast and recorded on the West. This morning, President Trump's deal with Iran quickly leading to some very encouraging news for Americans this summer, especially as travel season gets well underway. Reports do show commercial ships and oil tankers ramping up operations in the Strait of Hormuz as companies grow more confident about conditions in that region. Now, the US has also lifted its blockade, giving even more relief to global markets.

[00:00:47]Already, oil prices have tumbled to near pre-war levels. Gas prices here in the US have finally dipped below that dreaded $4 a gallon mark.

[00:00:59]>> I'm not an economist, and I think even the economists would get this wrong, but the fact that you've seen gas come down about 65 cents a gallon on the national average, and the fact that you see oil prices that are basically close to where they were at the very beginning of the conflict, I think you're going to see a substantial reduction in gas prices.

[00:01:16]>> Mark Boyle joining us from the live desk with the latest on this. Good morning to you, Mark, and happy Friday to you.

[00:01:21]>> Happy Friday. We'll take it.

[00:01:22]>> The early Right, right? Finally.

[00:01:25]Finally, we're looking at some of these early returns. It's looking good. What else are you watching for this >> So, I filled up my car with my SUV with gas. It was over $100 to fill this thing up. It always is these days, right? It's annoying. And And I think that we'll finally see a bit of relief, and I know everyone at home is looking at how can we do [music] better with bringing you more cash, more money, and certainly this will help the situation. The US now transitioning into this post phase of the deal. Right now, both sides say they have been working on ways to implement the agreement going forward. And under the terms of the new deal, both the US and Iran have a 60-day period to finalize this deal to end the war.

[00:02:01]However, in the past 24 hours, we have learned that Vice President J.D. Vance won't be going to Switzerland any longer. Originally, the White House says he would be going there for negotiations.

[00:02:11]>> Our plan is to go to Switzerland. I don't know exactly when. We think these technical negotiations are going to start sometime this weekend. That's still the plan, but that could change because it's not an easy country, Iran, to get out of. And so, we're trying to figure out exactly when that's going to happen. I I I I I suspect this weekend, but I'm not sure.

[00:02:28]>> Now, right now, the United States military is moving out of the Strait of Hormuz. CENTCOM posting this on social media saying US forces lifted the blockade on all maritime traffic entering and exiting Iranian ports and coastal areas. So, there's some news there. The leaders also say the military is going to remain in the area. They're not going to just leave 100% to make sure that this peace deal plays out the way the president wants it to. Meantime, Israel and the United States budding heads still, and Israel refusing to withdraw troops from Lebanon and launching more strikes against them within the past 24 hours. Some of the photos of the damage here. And now, the framework of the US deal with Iran is supposed to include Lebanon being shielded from attacks. Vice President Vance calling out Israel saying they must respect the peace process. So, we're tracking all angles of the story breaking news as it happens out of the Middle East this morning at the live desk.