Iran reopens Strait of Hormuz, Trump thanks Tehran as oil prices fall

TEHRAN: Iran has announced the reopening of the Strait of Hormuz for commercial vessels following a ceasefire in Lebanon, allowing maritime trade to resume through one of the world’s most critical shipping routes.

Iranian Foreign Minister Abbas Araghchi said in a post on social media platform X that the strait has been fully reopened for all commercial shipping and will remain operational during the remaining period of the ceasefire.

He added that vessels will pass through designated maritime corridors managed by Iran’s Ports and Maritime Organization to ensure coordinated and regulated navigation.

According to the Iranian foreign minister, the move is aimed at easing regional tensions and supporting the restoration of global trade flows.

The Strait of Hormuz is a vital energy corridor through which a significant share of the world’s oil shipments passes, making it highly sensitive for global markets.

Following the announcement, U.S. President Donald Trump expressed gratitude to Iran, posting “Thank you Iran” on social media in response to the reopening of the strategic waterway.

Meanwhile, global oil prices declined sharply after the development. U.S. crude oil fell by around 8 percent to 86 dollars per barrel, while Brent crude dropped by 6 percent to 93 dollars per barrel as concerns over supply disruptions eased.

Market analysts say the reopening has reduced geopolitical risk premiums, leading to a broad decline in energy prices worldwide.