On Friday, Iran announced that the Strait of Hormuz is fully open to commercial traffic during the ceasefire between Israel and Lebanon. “In 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,” Foreign Minister Seyed Abbas Araghchi stated in a social media post.
He added that vessels must follow a “coordinated route” outlined by Iran’s maritime authorities. U.S. President Donald Trump, in a social media post, thanked Iran for reopening the strait but emphasised that the American naval blockade of Iran’s ports will remain in place until an agreement is reached with Tehran.
Oil prices dropped more than 11% following the announcement. On Thursday, Israel and Lebanon agreed to a 10-day ceasefire starting at 5 p.m. ET that evening. Israel’s military campaign in Lebanon against the militant group Hezbollah, which has close ties to Iran, has been a key issue in negotiations between Washington and Tehran. On April 7, Trump agreed to a two-week ceasefire in exchange for Iran completely reopening the strait.
However, Iran’s parliamentary speaker, Mohammad Bagher Ghalibaf, accused the U.S. of violating the agreement by allowing Israel to continue its military operations in Lebanon. As a result, the strait has remained nearly completely closed during the U.S.-Iran ceasefire, with both countries disputing the terms of the agreement. Currently, only a few commercial vessels are transiting the waterway each day.
Negotiations between Vice President JD Vance and Ghalibaf last weekend in Pakistan failed to produce an agreement to permanently end the U.S. war with Iran. Trump said U.S. and Iranian negotiators could meet again this weekend in Pakistan for a second round of talks.
Source: cnbc.com