US VP Vance: We expect Strait of Hormuz to be open toll-free long term

In an interview with CNBC on Monday, United States (US) Vice President JD Vance said that they expect the Strait of Hormuz to be "open toll-free in the long term," per Reuters.

Key takeaways

"Will have two-step verification process."

"Lots of details still to sort out."

"We will see where Tehran is willing to make concessions."

"We expect to have a full spectrum of Iranian representatives at Friday signing."

"Think there are elements in Israel that like the deal."

"Hope to release text this week."

"Certainly Israel will have a seat at the table in the new Middle East."

Market reaction

The US Dollar (USD) Index remains within the lower half of its daily range following these comments. At the time of press, the USD Index was down 0.3% on the day at 99.50.