Maldives has welcomed the peace between the United States of America (USA) and Iran and them deciding to sign an agreement.

As per the statement released from the Ministry of Foreign Affairs, Maldives has welcomed the Memorandum of Understanding that has been signed between the USA and Iran where they have solved the disagreements between each other, including the assurance of freedom of navigation through the Straits of Hormuz.

"The Maldives considers this development an important step towards reducing tensions and advancing peace, security and stability in the region and beyond," as was written in the statement.

The statement reads that Maldives acknowledges the efforts from both the USA and Iran in resolving their differences through a dialogue. It also reads that Maldives commends the role of mediators held by Pakistan, Qatar and other Gulf nations in facilitating a constructive dialogue between the USA and Iran.

The ministry has always shown support in solving problems through dialogue.

The reopening of the Straits of Hormuz, which was closed by Iran as Israel and the USA began their attacks on Iran on 28th February, is one of the priorities in the agreement, which will be signed this coming Friday. As 20 percent of the world's fuel supply passes through the strait, the closure resulted in fuel prices rising exponentially, with the world economy experiencing negative effects.

The possibility of peace has dropped the price of fuel back to what it was two months ago. It was around USD 90 last week, with crude oil falling to USD 80 a barrel on Monday. The price continues to fall.

When the war started, crude oil barrel prices went beyond USD 110.