Iranian Foreign Minister Abbas Araghchi announced Friday that the Strait of Hormuz was completely open to commercial shipping, sending oil prices sharply lower and lifting global stock markets. The statement came hours after Israel and Lebanon agreed to a 10-day ceasefire late Thursday.
Brent crude fell to $88 a barrel following the news, down from above $98 earlier in the day. Prices had climbed steeply since the US-Israel military campaign against Iran began Feb. 28, rising from under $70 a barrel to a peak of more than $119 in March after the waterway was shut to tanker traffic. The strait carries roughly one-fifth of the world’s oil and liquefied natural gas supply.
Araghchi said that all vessels would travel along routes set in advance by Iran’s Ports and Maritime Organisation. A senior Iranian military official added that passage would be restricted to non-military ships, each requiring prior clearance from the Islamic Revolutionary Guard Corps Navy.
Brent crude sheds over $10 as global stocks rally
Global markets responded positively to the development. The S&P 500 gained 0.8 percent in early trading, while the Nasdaq and Dow Jones Industrial Average each climbed more than one percent. French and German benchmark indices rose more than two percent, and London’s FTSE 100 added around half a percent.
President Donald Trump welcomed the news on social media, confirming the Strait of Hormuz was completely open and ready for full passage. He said that Iran had agreed to never again use the waterway as a weapon against the world.
"IRAN HAS JUST ANNOUNCED THAT THE STRAIT OF IRAN IS FULLY OPEN AND READY FOR FULL PASSAGE. THANK YOU!" – President Donald J. Trump 🇺🇸 pic.twitter.com/xDQpCj8APe
— The White House (@WhiteHouse) April 17, 2026
Trump also stated that the US naval blockade of Iranian ports would remain in place until a permanent deal ending the conflict was reached. That blockade was imposed after US-Iran talks held in Pakistan collapsed over the weekend.
Shipping firms stay cautious despite Hormuz reopening
Shipping companies remained cautious despite the announcement. One tanker operator, who asked not to be named, said that the news did not change its immediate plans and that the company had no intention of being among the first to attempt the crossing.
Tanker firm Stena Bulk said that it was monitoring the situation and would not send ships through until crew and vessel safety could be confirmed.
The closure had also created concern beyond energy markets. About one-third of global trade in key fertiliser chemicals moves through the strait, and prices for those inputs rose considerably during the conflict, raising worries about food costs.
The war has killed more than 3,000 people since it began. A separate dispute surfaced Friday over Iran’s stockpile of highly enriched uranium.
Trump said that the United States would take possession of the material without making any payment. Iran’s state media rejected the claim outright, saying no negotiations on transferring the uranium had ever taken place.
See all the latest news from Greece and the world at Greekreporter.com. Contact our newsroom to report an update or send your story, photos and videos. Follow GR on Google News and subscribe here to our daily email!
