US President Donald Trump on Tuesday claimed that 19 millions barrels of oil flowed out of the Hormuz Strait on Monday, which was an all time record.
"Oil prices are tumbling down, and the world is a much safer place," Trump wrote on Truth Social.
The president has been asserting that continuing the war against Iran would have caused economic catastrophe, an effective acknowledgment of Iran's leverage in negotiations through the closure of the Strait of Hormuz.
Oil prices ticked lower Tuesday with Brent crude futures, the international benchmark, fell 45 cents to USD 77.45 a barrel. West Texas Intermediate futures declined 34 cents to USD 73.52.
Iran had declared Hormuz closed over the weekend while US Central Command said the strait remained open to ships, sowing confusion about the status of the sea lane.
On Monday, the US formally waived sanctions on Iranian oil for a 60-day period, in line with the memorandum of understanding agreed to by Washington and Tehran last week.
The Office of Foreign Assets Control on Monday published General License X, which authorises a broad array of transactions pertaining to shipments of Iranian crude, petroleum products and petrochemical products through to August 21.