Iran declares Strait of Hormuz open to shipping during Lebanon ceasefire
CNBC • • general
Key Points:
- Iran declared the Strait of Hormuz fully open to commercial traffic during the ceasefire between Israel and Lebanon, with vessels required to follow a coordinated route set by Iranian maritime authorities.
- The ceasefire, agreed upon by Israel and Lebanon, began on Thursday and lasts for 10 days, easing tensions related to Israel's military campaign against Hezbollah, an Iranian ally.
- U.S. President Donald Trump thanked Iran for reopening the strait but maintained that the U.S. naval blockade on Iranian ports would continue until a broader agreement is reached.
- Oil prices dropped over 10% to below $90 per barrel as the reopening of the strait eased concerns about a major disruption in global crude supplies, which had been severely impacted by the closure.
- Despite the ceasefire, negotiations between U.S. and Iranian officials have stalled, with no permanent agreement reached to end the conflict, though further talks are planned in Pakistan.
