Breaking: Strait of Hormuz fully open – Iran

Iran has announced that the Strait of Hormuz is now fully open to commercial ships as part of an ongoing ceasefire linked to tensions in the Middle East.

Foreign Minister Seyed Abbas Araghchi said the decision follows the truce in Lebanon.
He explained that “the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire.”
However, he added that ships must follow a coordinated route set by Iran’s maritime authorities.

United States President Donald Trump welcomed the move, thanking Iran in a social media post.

Following the announcement, global oil prices fell sharply by more than 11 per cent.
The development comes after Israel and Lebanon agreed to a 10-day ceasefire, which began on Thursday evening.

Meanwhile, oil prices plunged Friday after Iran’s Foreign Minister Abbas Araghchi said the vital Strait of Hormuz was “completely open” for commercial tankers and cargo ships during the US-Iran ceasefire.International benchmark Brent North Sea crude plunged 10 percent to $89.11 a barrel, after earlier falling five percent on US-Iran peace deal hopes.

The main US contract, West Texas Intermediate, shed 11 percent to $84.11 a barrel.