Trump says Iran fully agreed to nuclear inspections, lifts Hormuz blockade

On Tuesday, May 27, 2026, US President Donald Trump announced that Iran has fully and completely agreed to allow the highest level of nuclear inspections to continue indefinitely, and that the US will lift its naval blockade of the Strait of Hormuz, keeping the vital waterway open for oil and gas shipments. Trump said the announcement follows technical talks in Switzerland and noted that all naval units remain in place only as a precaution, with a blockade reinstatement deemed highly unlikely. Shortly after Trump’s statement, Iranian officials said the UN nuclear watchdog would not be allowed to inspect nuclear sites previously bombed by US and Israeli forces, indicating a potential limitation on the inspection scope. The Strait of Hormuz carries about a third of the world’s seaborne oil traffic, so its openness directly affects global oil prices and Nigeria’s fuel costs. The development could ease inflationary pressures on transportation and manufacturing if supplies remain steady, but any reversal could spike prices and affect household budgets.

Will you adjust your household budget or business plans in anticipation of steadier fuel prices, or prepare for possible volatility if the Hormuz situation changes?

SOURCE: https://www.channelstv.com/2026/06/23/trump-says-iran-agrees-to-highest-level-nuclear-inspections/