Global Shipping through the Strait of Hormuz has resumed after Iran declared the waterway fully open to commercial traffic following weeks of disruption that unsettled energy markets.
“The Strait of Hormuz is completely open and ready for business and full passage, but the naval blockade will remain in full force and effect as it pertains to Iran only, until such time as our transaction with Iran is 100% complete,” United States (US) President Donald Trump announced on Truth Social and X.
He said the Strait is now fully open for everyone except Iran.
Iranian foreign minister Abbas Araghchi also confirmed the development in a post on X on Friday, hours after a 10-day ceasefire between Israel and Lebanon took effect.
He stated that vessels must transit through a “coordinated route” announced by Iran’s maritime authorities and added that the deal would last only under the remaining period of the ceasefire.
After the Iran’s announcement, President Trump also wrote on his Truth Social post, “THANK YOU!”
The two-week ceasefire Iran and the US struck earlier this month is due to expire on April 22.
Trump added on Friday that the current US naval blockade will remain in place “until such time as our transaction with Iran is 100% complete”.
Oil prices dropped sharply following Iran’s announcement.
The cost of a barrel of Brent crude fell to below $90 after trading above $98 earlier in the day.
“Iran has agreed to NEVER close the Strait of Hormuz AGAIN, it will no longer be used as a weapon against the world,” Trump said.
“Markets taking off like a ROCKET on this news this morning that there has been a decision to reopen the Strait.”
