Iran’s foreign minister announced that the Strait of Hormuz is now open to all commercial shipping for the remaining duration of the current ceasefire, aligning with the terms of the temporary halt in hostilities involving Lebanon. This move follows nearly two weeks of restrictions on the strategic waterway despite an ongoing U.S.-Iran ceasefire set to expire on Tuesday.
Tehran’s decision to allow traffic through the Strait of Hormuz marks a significant shift, as Iran had previously insisted the blockade would remain unless Israeli actions in Lebanon ceased. In the announcement, the foreign minister made clear the reopening is limited to the ceasefire period and is not connected to Iran’s broader policy on Lebanon.
Crude prices dropped more than 11% following the statement from Iran, extending earlier declines in oil markets. The international benchmark Brent crude dropped 11.62% to $87.84 a barrel, while the West Texas Intermediate for June fell 11.50% to $80.69 a barrel.
The situation in Lebanon remains separate, according to both Iranian and U.S. officials. The United States has stated it will directly manage the Hezbollah issue. At the same time, Washington has confirmed that Israeli strikes in Lebanon are now banned under the ceasefire conditions.
Elsewhere, French President Emmanuel Macron, speaking after a multinational meeting led by France and Britain on maritime security, welcomed Iran’s decision. Macron says that it goes in the right direction.
