U.S. Vice President Vance told a White House briefing on Thursday that 12.5 mln barrels of oil have transited the Strait of Hormuz since the U.S. and Iran signed a memorandum of understanding ending nearly four months of war. He said the MoU’s 60-day negotiation period formally began on Thursday. Vance added Iran will retain the right to self-defense but the U.S. expects Tehran will not possess missiles capable of broadly threatening the world as part of the agreement.