The vessel was attacked after Iran warned ships must use its designated corridors through the Strait of Hormuz rather than the route the U.S. has backed.
Vice President JD Vance said ship traffic through the Strait of Hormuz has already increased since a peace deal was announced, but industry associations are urging caution.
While the president says the agreement with Iran would open the Strait of Hormuz and provide economic relief, the country’s nuclear program is still a subject for negotiation.
President Trump insisted on Sunday that if Iran failed to reach a final nuclear accord with the United States, he would restart military attacks on Tehran.
The Secretary of Defense initially stated that the waterway would reopen "immediately" after a deal was signed, only to clarify his comment moments later.
Since announcing a nominal cease-fire two months ago, Iran, Israel and the U.S. have remained locked in low-intensity violence that has become a new normal.
With talks at an impasse, both sides are holding to positions their opponents call unacceptable, while the economic pain caused by the Strait of Hormuz blockade continues to grow.
As the government has been devising plans to keep the dollar dominant, China has been making its own moves to increase global influence of the renminbi.
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