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US President Donald Trump has said oil prices will fall if Iran surrenders and the war comes to an end.
Speaking to reporters on Sunday, Mr Trump claimed that an unprecedented volume of oil had passed through the Strait of Hormuz overnight.
His comments came a day after he rejected an Iranian proposal to reopen the strategic waterway. Tehran has said the reopening of the strait depends on its conditions being met and that the dispute should be resolved through negotiations.
Before the war began, the Strait of Hormuz was used to transport about 20% of the world’s oil and liquefied natural gas. It is one of the main routes for energy exports from Gulf countries to global markets.
