US President Donald Trump on Tuesday claimed that 19 million barrels of oil transited the Strait of Hormuz on Monday, describing it as an all-time record.
"Oil prices are tumbling down, and the world is a much safer place," Trump wrote on Truth Social.
Trump has argued that a prolonged conflict with Iran would have triggered severe economic disruption, underscoring Tehran's ability to influence global energy markets through the strategic waterway.
Oil prices edged lower on Tuesday. Brent crude futures, the global benchmark, fell 45 cents to USD 77.45 a barrel, while West Texas Intermediate crude declined 34 cents to USD 73.52 a barrel.
Confusion over the status of the Strait of Hormuz persisted after Iran declared the passage closed over the weekend, even as US Central Command maintained that the key shipping route remained open to maritime traffic.
In a significant policy move, the United States on Monday granted a 60-day waiver on sanctions related to Iranian oil exports, in line with a memorandum of understanding reached between Washington and Tehran last week.
The US Treasury Department's Office of Foreign Assets Control (OFAC) issued General License X, authorising a broad range of transactions involving Iranian crude oil, petroleum products and petrochemicals through August 21.
(With inputs from PTI)