&imwidth=800&imheight=600&format=webp&quality=medium "Crude oil prices drop sharply after US, Iran declare Strait of Hormuz is open")
Crude oil prices dropped sharply on Friday, by about 12 per cent, after US president Donald Trump and the Iranian government declared that the Strait of Hormuz is ‘completely open’ for all commercial ships for the remaining period of the ceasefire. The fall in oil prices led to stock market recovering in the United States and elsewhere.
The S&P 500 rose 1%, while the Dow Jones Industrial Average jumped 722 points, or 1.5%, and the Nasdaq composite added 1.1% in morning trading.
The opening of the Strait of Hormuz is a major relief to all nations across the world.
Strait of Hormuz open for commercial ships
Iran’s Foreign Minister Seyed Abbas Araghchi made the announcement on X, saying, “In line with the ceasefire in Lebanon, the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of the ceasefire."
The announcement comes a day after US President Donald Trump announced a 10-day ceasefire between Israel and Lebanon. Trump had earlier imposed a naval blockade of the Strait of Hormuz, including all ports of Iran. The US Navy has already started the blockade.
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While trump took to Truth Social to announce that the Strait of Hormuz is open for all commercial ships.
“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. Thank you for your attention to this matter!,” Trump wrote.
