Iran has announced the full reopening of the Strait of Hormuz to commercial shipping for the duration of the current ceasefire in Lebanon, a move that triggered a sharp drop in global oil prices.
Iranian Foreign Minister Seyyed Abbas Araghchi said on X that the passage for all commercial vessels through the strait had been declared fully open for the remaining period of the ceasefire, in coordination with the country’s Ports and Maritime Organisation, Caliber.Az reports.
Following the announcement, oil prices fell by more than 11%, reflecting expectations of improved supply flows through one of the world’s most critical energy chokepoints.
The development comes after Israel and Lebanon agreed on April 16 to a 10-day ceasefire, which began at 5 p.m. ET that day. Israel’s military campaign in Lebanon against Hezbollah—a key ally of Tehran—had been a major obstacle in broader negotiations between Washington and Iran.
Earlier, U.S. President Donald Trump agreed to a two-week ceasefire on April 7 in exchange for Iran reopening the strait. However, tensions persisted over the implementation of the agreement.
Iranian parliamentary speaker Mohammad Bagher Ghalibaf accused the United States of violating the deal by allowing Israel to continue its military operations in Lebanon.
The strait had remained largely closed to commercial traffic during the U.S.-Iran ceasefire, with only a limited number of vessels transiting the route each day as both sides disputed the terms of the agreement.
By Sabina Mammadli
