US VP Vance announces oil transit through Hormuz amid Iran deal

US Vice President Vance announced that 12.5 million barrels of oil are transiting the Strait of Hormuz following a memorandum of understanding signed in Islamabad. He also stated that the US has effectively lifted the blockade of Iran's seaports and will not participate in a $300 billion Iran reconstruction fund. Meanwhile, oil prices rose after Vance warned Israel against breaking the ceasefire.