NAIROBI, Kenya – Iran has declared that the Strait of Hormuz remains open following a ceasefire agreement linked to a Lebanon deal, easing fears over one of the world’s most critical energy corridors.
Iranian Foreign Minister Abbas Araqchi said in a post on X that the waterway was open to all commercial vessels for the duration of the US-brokered 10-day truce between Israeli forces and Iran-backed Hezbollah agreed between Israel and Lebanon.
He, however, noted that ships must adhere to routes issued by Iran’s Ports and Maritime Organisation.
“The Strait was open for all commercial vessels for the remainder of the US-brokered 10-day truce,” Araqchi said, adding that passage must follow “the route that Iran’s Ports and Maritime Organisation had announced.”
The announcement comes after weeks of heightened tensions following the US-Israeli attack on Iran, which began on February 28 and has left thousands dead while destabilising the wider Middle East.
The conflict had raised concerns over the Strait of Hormuz, a key global shipping lane through which about a fifth of the world’s oil and liquefied natural gas passes.
The partial reopening helped calm markets, with oil prices falling by about 9%, extending earlier losses after Araqchi’s statement.
“The Strait was effectively the pressure point for global energy markets,” analysts noted, as investors reacted to easing supply fears.
Meanwhile, US President Donald Trump said he believes a broader agreement to end the Iran conflict could be reached “soon,” although he acknowledged uncertainty over the exact timing.
Trump had earlier suggested talks could take place as early as the weekend, but logistical challenges in assembling delegations in Islamabad have cast doubt on that timeline.
The International Monetary Fund (IMF) has since lowered its global growth forecasts, warning that prolonged instability could push the world economy toward recession.
