Oil prices further declined on Wednesday, extending the previous session's losses following the US-Iran interim peace deal which is expected to allow free passage for vessels through Strait of Hormuz.
The proposed $300 billion fund being discussed as part of the US-Iran interim peace agreement is intended to serve as a private investment vehicle to help drive economic development and reconstruction in Iran, according to a Reuters report.
The interim agreement between the US and Iran aimed at ending the Middle East conflict is expected to pave the way for Iran to resume oil exports immediately, according to US officials.
The United States and Iran have signed a preliminary agreement aimed at ending months of conflict and paving the way for the reopening of the Strait of Hormuz, sanctions relief for Tehran and a new round of negotiations on Iran's nuclear programme.
The United States and Iran have announced an agreement aimed at ending months of conflict and paving the way for the reopening of the Strait of Hormuz, a vital shipping route for global energy supplies, although key details of the accord remain unclear.
The United Arab Emirates has categorically denied reports published by certain international media outlets alleging the transfer of funds from the UAE to Iran, including allegations concerning $3 billion.
The US and Iran have signaled that an agreement to end their war was close, with a senior US administration official saying both sides had agreed on a text and that Washington expects to sign an initial deal soon, said media reports. Hours after the White House statement on the deal, the US military had it had downed multiple Iranian drones near the Strait of Hormuz.
The Asian Development Bank (ADB) is acting quickly and decisively with $4 billion in financing to help countries withstand the impact of the Middle East conflict, including about $3 billion requested by governments and $1 billion provided as trade finance for energy and food imports.
US President Donald Trump on Thursday said he had cancelled planned military strikes against Iran after negotiations reached what he described as the highest levels of Iran's leadership, raising hopes of a breakthrough agreement that could end days of fighting and reopen the Strait of Hormuz.
The United States launched a new round of strikes on military targets across Iran overnight, prompting retaliatory missile and drone attacks by Tehran against US bases in Bahrain, Kuwait and Jordan and renewed threats to shut the Strait of Hormuz. The latest exchanges have heightened concerns that the conflict could again hit life in the Gulf.
