Pakistan, June 16 -- US Vice President JD Vance said the Strait of Hormuz is expected to remain open toll-free in the long term under the emerging US-Iran agreement. The statement is significant as it highlights Washington's expectations for one of the world's most strategic energy routes. Global trade, oil markets, and regional security are directly affected by the development.

Vance made the remarks during an interview with CNBC on Monday. Moreover, he said the agreement still requires finalisation of several key details before implementation. As a result, negotiations remain ongoing ahead of the formal signing in Switzerland.

In addition, Vance confirmed that Iran's foreign minister and House speaker will represent Tehran at the sign...