Iran has declared the Strait of Hormuz “completely open” for all commercial vessels during the current ceasefire period, Foreign Minister Abbas Araghchi said.
In a post on X, the announcement was made in line with the ceasefire linked to developments in Lebanon, confirming that vessels can transit through designated coordinated routes.
“The passage for all commercial vessels through the Strait of Hormuz is declared completely open for the remaining period of the ceasefire, on the coordinated route as already announced by Ports and Maritime Organisation of the Islamic Republic of Iran,”
Following the statement, global oil prices dropped sharply, with Brent crude falling by about 8.5% to around $90.93 per barrel and U.S. West Texas Intermediate crude declining by about 9.4% to $85.82.