Iran reopens Strait of Hormuz to commercial ships during ceasefire

Iran's Foreign Minister said on Friday that the strategic Strait of Hormuz is declared “completely open” for all commercial vessels for the remaining period of the Middle East ceasefire.

It was, however, not clear whether Abbas Araghchi was speaking of the 10-day truce agreed to by Lebanon and Israel that went into effect at midnight.

Or, if he meant an earlier two-week truce between Iran and the United States that began on 8 April.

The channel is crucial for the global oil trade and its closure over the past weeks has resulted in a severe energy crisis and caused the price of fuel to surge.

Stocks and bond prices jumped on Friday, while oil dropped by as much as 10 per cent to below $90 a barrel following the announcement.

US President Donald Trump posted “Thank you” on his Truth Social platform but minutes later said a naval blockade on Iran would stay in place until a peace deal is signed.

The Lebanon truce appeared to be holding on Friday offering a pause in fighting between Israel and the Hezbollah militant group.

This could clear one major obstacle to a deal between Iran and the United States and Israel to end weeks of devastating war.

But it remains unclear whether the militant group will recognise a deal it did not play a role in negotiating and which will leave Israeli troops occupying a stretch of southern Lebanon