Iran’s Foreign Minister, Seyed Abbas Araghchi, announced that the Strait of Hormuz has been opened to all commercial ships on April 17. The announcement came as part of the 10-day Israel-Lebanon ceasefire that began today.
The opening, however, remains valid. Vessels must follow procedures coordinated by the Ports and Maritime Organization of Iran. Access is limited to the remainder of the contract.
Oil Prices Fall on Easing Supply Fears
The to announce led to a rapid sell-off in the energy markets. Brent crude fell by 6.84%, from $99.39 on April 16 to around $92. US crude fell by 7.04% in the same movement.
The Strait of Hormuz holds about 20% of the world’s oil and natural gas. sending. Iran has effectively blocked the passage of the waterway during a major war, pushing Brent above $100 earlier this month.
Markets were already high prices. Oil sank below $95 on April 14 after the White House he signed progress in US-Iran talks.
Trump Wants Credit, Bitcoin Profits
US President Donald Trump reacted quickly on Social Truth, writing “The Strait of Iran is completely open and ready to fill paragraph.” They mostly used “Strait of Iran” rather than the correct name.
Trump’s plan provides unlimited access, even if Iran’s policy limits it to open a ceasefire and selected shipping channels.
Apart from oil, other markets responded well. Bitcoin (BTC) gained 1.59%, while the S&P 500 rose 0.07%, reflecting a broader trend. change.
The support may be short-term. The US-Iran ceasefire expires on April 21, and any violation of the Lebanon agreement could lead to the reopening. The serious debate over Iran’s nuclear program and sanctions has not ended.
A note Brent Crude Drops 7% As Iran Opens Strait of Hormuz During Ceasefire appeared for the first time BeInCrypto.
