Iran has declared the Strait of Hormuz is completely open to commercial traffic, coinciding with a 10-day ceasefire between Israel and Lebanon. Iranian Foreign Minister Seyed Abbas Araghchi announced the move on social media, saying the passage for all commercial vessels through the Strait of Hormuz is declared completely open for the remaining period of ceasefire. However, ships must use a coordinated route set by Iran’s maritime authorities. US President Donald Trump welcomed the move in a social media post but confirmed that the United States naval blockade of Iran’s ports stays in place until a formal agreement is reached with Tehran. 

 

Meanwhile, Oil prices dropped more than 11%  following the announcement. The strait had remained largely closed in recent weeks. The UK and France also hosted a multi-national meeting on freedom of navigation in the Strait of Hormuz.