In a major development, Iranian Foreign Minister Seyed Abbas Araghchi on Friday announced that the Strait of Hormuz has been opened for all commercial vessels. The announcement came a day after the United States stated that Israel and Lebanon would implement a cessation of hostilities beginning April 16, at 17:00.
Araghchi made the announcement through a post on X. āIn line with the ceasefire in Lebanon, passage for all commercial vessels through the Strait of Hormuz is declared completely open for the remaining period of the ceasefire, on the coordinated route as already announced by the Ports and Maritime Organisation of Iran,ā he wrote.
After Araghchi's tweet, US President Donald Trump thanked the Iran for opening the Strait of Hormuz. "IRAN HAS JUST ANNOUNCED THAT THE STRAIT OF IRAN IS FULLY OPEN AND READY FOR FULL PASSAGE. THANK YOU!" he wrote in a post on Truth Social.
The announcement had an immediate effect on global crude markets, with oil prices dropping by more than 11 percent shortly afterward.
Israelās military offensive in Lebanon against the militant group Hezbollah, a key ally of Iran, has remained a major obstacle in ongoing negotiations between United States and Iran.
Earlier, Donald Trump agreed to a two-week ceasefire on April 7, on the condition that Iran fully reopen the Strait of Hormuz. However, Iranās parliamentary speaker Mohammad Bagher Ghalibaf accused the United States of breaching the understanding by allowing Israel to continue its military operations in Lebanon.
The strategic waterway has remained largely shut during the US-Iran ceasefire period due to disagreements over the dealās terms, with only a limited number of commercial ships passing through each day.
Talks held last weekend in Pakistan between US Vice President JD Vance and Ghalibaf failed to secure a lasting agreement to end hostilities between the United States and Iran. Trump later indicated that negotiators from both countries may meet again in Pakistan this weekend for another round of discussions.
