Ghalibaf: US and Iran reach agreement, $12 billion in frozen funds to be released

Mohammad Bagher Ghalibaf, the Iranian chief negotiator, said that “the management of the Strait of Hormuz will never return to what it was before the war,” while stressing that Iran will take a direct role in the administration of this strategic area, although international norms will be respected.

This strait is considered one of the most important energy chokepoints in the world, as a large share of global oil passes through it, meaning that any escalation of the situation in this area is immediately reflected in international energy markets.

Alongside this development, diplomatic tensions have taken another turn after Ghalibaf announced that an agreement had been reached between Iran and the US for the release of $12 billion in frozen Iranian funds.

According to reports by Al Jazeera and other regional media, this amount will be released in two installments, each worth $6 billion.