Iran’s Foreign Minister Abbas Araghchi has announced the reopening of the strategically vital Strait of Hormuz to all commercial shipping for the remaining duration of the current ceasefire, AzerNEWS reports.
In a statement shared on the social media platform X, Araghchi noted that vessels would be allowed to pass through the waterway via a coordinated and agreed route, ensuring safe and orderly transit during the truce period.
The move comes after Iran had previously closed the strait following attacks attributed to the United States and Israel on February 28.
Following the announcement, benchmark Brent crude prices fell sharply, dropping by approximately 8.7% to around $90 per barrel.
The Strait of Hormuz is a narrow maritime passage between the Persian Gulf and the Gulf of Oman, holding significant strategic importance as approximately 20% of global oil supplies and around 25% of liquefied natural gas (LNG) exports pass through it. Essentially, it serves as an energy artery for countries in Asia, Europe, and even the United States.
The strait separates Iran from Oman, and in some areas, the width of the shipping channel is only two miles on each side. Given its critical role in global energy supply chains, ensuring the safety and security of this vital waterway is paramount for international trade and economic stability.
Photo: Getty Images
