Tehran has announced the complete reopening of the waterway for the entire duration of the ceasefire in Lebanon
Passage for all commercial vessels through the Strait of Hormuz is now completely open, Iranian Foreign Minister Seyed Abbas Araghchi declared on Friday. He added that the waterway will remain open for the remainder of the ceasefire in Lebanon.
Araghchi’s announcement came shortly after a 10-day truce came into force between the Israel Defense Forces (IDF) and the Hezbollah militant group in Lebanon, which has been one of the major obstacles to a peace deal between Iran and the US.
Writing on X, the Iranian minister stated that “in line with the ceasefire in Lebanon, the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire.”
The Strait of Hormuz has been shut down ever since the US and Israel launched an unprovoked attack on Iran in late February. The closure has driven up energy prices and rattled the global economy, disrupting one of the world’s most important trade arteries, which handles around 20% of global crude exports.
In the minutes following Araghchi’s announcement, oil prices plummeted by more than 10%, with Crude oil dropping to just over $83 per barrel and Brent coming in at around $88.
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