TEHRAN: Iran has declared the reopening of the Strait of Hormuz after more than a month of restrictions, with Iranian Foreign Minister Abbas Araghchi on Friday describing it as a major development tied to regional ceasefire arrangements.
“The Strait of Hormuz has been reopened,” Araghchi stated, noting that the decision to restore access to the waterway is directly linked to the ceasefire in Lebanon.
He further explained that the move would remain in place for the remaining duration of the ceasefire agreement, allowing commercial vessels to resume normal transit through the crucial maritime route.
However, Araghchi emphasized that ships passing through the strait would still be required to adhere to designated Iranian shipping lanes during their journey. The Strait of Hormuz, a key corridor for a large share of global oil shipments, has been under intense scrutiny amid rising regional tensions and concerns over possible disruptions to energy supplies.
Previously, Iran had enforced restrictions on maritime traffic in the area due to escalating conflict in the region, triggering alarm in global energy markets.The latest announcement signals a possible easing of pressure on one of the world’s most vital shipping routes, although it remains uncertain how quickly full traffic operations will return to normal levels.
US President Donald Trump also confirmed on Friday that Iran had declared the waterway “fully open and ready for full passage” after weeks of heightened tensions.
“IRAN HAS JUST ANNOUNCED THAT THE STRAIT OF IRAN IS FULLY OPEN AND READY FOR FULL PASSAGE. THANK YOU!”
Trump wrote in a post on his social media platform Truth Social.Meanwhile, global oil prices dropped significantly on Friday following Iran’s announcement, as fears of supply disruptions through one of the world’s most critical energy chokepoints began to ease.
Brent crude futures fell by around 8 percent to $91 per barrel, while US West Texas Intermediate (WTI) crude declined to $86 per barrel, according to market figures.The drop in prices came after Araghchi confirmed that the Strait of Hormuz had been fully reopened following over a month of restricted access due to regional tensions.
This waterway, responsible for handling roughly one-fifth of global oil trade, had been a focal point of uncertainty amid concerns that disruptions could severely tighten global supply.
Market analysts noted that the reopening helped reduce the immediate supply risk premiums that had been built into oil prices during the restriction period.In recent weeks, oil prices had surged amid fears of escalation in the Middle East, with traders closely monitoring developments related to shipping routes and ceasefire negotiations.
The Strait of Hormuz remains a critical channel for crude exports from major Gulf producers, and any disruption to its operations typically has an immediate and significant impact on global energy markets.