Iran Opens the Strait of Hormuz to Merchant Ships
Iran has announced that the Strait of Hormuz has reopened to commercial shipping following a ceasefire agreement in Lebanon, raising cautious hopes of a broader de-escalation in the region.
At the same time, US President Donald Trump said a deal to end the war could come ‘soon’, though the timing remains uncertain.
Iran’s foreign minister, Abbas Araqchi, said the strait would remain open to all commercial vessels during the 10-day ceasefire brokered by Washington. However, ships must adhere to routes designated by Iranian authorities.
The conflict, which began on 28 February with US and Israeli strikes on Iran, has claimed thousands of lives and destabilised the region. It also led to the de facto closure of the Strait of Hormuz, a critical artery through which roughly a fifth of global oil and liquefied natural gas supplies pass.
Oil prices fell by about nine per cent following news of the reopening, reflecting market optimism over the potential easing of supply disruptions. At the same time, the International Monetary Fund cut its global growth forecast, warning of a possible recession if the conflict drags on.
Trump has suggested that negotiations could begin as early as this weekend, although the details of any talks have yet to be finalised.