Economy
Oil prices fall 10% after announcement that Hormuz Strait is fully open
Crude oil prices plunged by 10% following a joint announcement by US President Donald Trump and Iranian Foreign Minister Abbas Araghchi that the Strait of Hormuz is fully open to maritime traffic. Tehran declared the strategic waterway operational for the duration of the ceasefire in Lebanon. Araghchi confirmed on X that all commercial vessels may traverse the strait via a coordinated route previously outlined by Iran’s Ports and Maritime Organization. The reopening eases fears of supply disruptions, driving prices sharply lower.
Crude oil prices fell by 10% after US President Donald Trump and Iranian Foreign Minister Abbas Araghchi announced that the Strait of Hormuz is fully open, according to the Associated Press.
Tehran announced that the Strait of Hormuz is fully open to ship traffic for the remaining period of the ceasefire in Lebanon.
Iranian Foreign Minister Abbas Araghchi wrote on his X account: "In line with the ceasefire in Lebanon, we announce that the Strait of Hormuz is fully open to all commercial vessels throughout the remaining period of the ceasefire."
He clarified that "the passage of ships through the Strait of Hormuz will follow the coordinated route as already announced by the Iranian Ports and Maritime Organization."
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