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US President Donald Trump welcomed Tehran's announcement but said the US naval blockade would continue until a peace deal was reached.
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;Resize=(620)) U.S. Commerce Secretary Howard Lutnick on Friday criticized the current iteration of North America's free trade agreement as a bad deal, taking a swipe at Canada's trade strategy ahead of upcoming negotiations.
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Oil prices tumbled more than 11% after Iran declared the Strait of Hormuz open amid a ceasefire deal with Lebanon.
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Howard Lutnick, President Trump's commerce secretary, derided Canada's trade strategy and said a North American deal needed to be reworked.
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