US President Donald Trump and Iranian Foreign Minister Abbas Araghchi have announced that the Strait of Hormuz is fully open to commercial shipping. In a social media post, Mr. Araghchi announced that the passage for all commercial vessels through the strait is completely open in line with the ceasefire in Lebanon.

 

However, the ships must follow a coordinated route set by Iran’s Ports and Maritime Organisation. Mr. Trump also posted that Iran had declared the Strait of Hormuz open for full passage. The announcement comes a day after US President Donald Trump announced a 10-day ceasefire between Lebanon and Israel. 

 

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