IN A major breakthrough, Iran on Friday said that the Strait of Hormuz is“completely open” for all commercial vessels, a move welcomed by US President Donald Trump. Trump, however, said the naval blockade against Iran will remain in “full force” until Tehran reaches an agreement with the US to end the war. The announcement of the reopening of the vital waterway by Iranian Foreign Minister Abbas Araghchi comes a day after President Trump announced a 10-day ceasefire between Lebanon and Israel. “In line with the ceasefire in Lebanon, the passage for all commercial vessels through the Strait of Hormuz is declared completely open for the remaining period of the ceasefire,” Araghchi said in a post on X.

 

Araghchi, however, said the ships must sail “on the coordinated route as already announced” by the Ports and Maritime Organisation of Iran. Minutes later, President Trump shared the announcement in a post on Truth Social. “Iran has just announced that the Strait of Iran is fully open and ready for full passage. Thank you!” Trump said, referring to the Strait of Hormuz. Trump said the Strait of Hormuz “is completely open and ready for business and full passage, but the naval blockade will remain in full force and effect as it pertains to Iran, only, until such time as our transaction with Iran is 100% complete. This process should go very quickly in that most of the points are already negotiated.” He also said Iran, with help from the US, is working to remove all sea mines from the Strait of Hormuz. Oil prices dropped 10.8% to $81.38 per barrel, and US stocks raced toward another record after Iran said the Strait of Hormuz is open again for commercial tankers carrying oil from the Persian Gulf to customers worldwide.