-- Iran on Friday declared passage for all commercial vessels through the vital Strait of Hormuz, in line with the ceasefire in Lebanon.
Hormuz will remain open for the remainder of the ceasefire, Iran's Minister of Foreign Affairs Abbas Araghchi posted on X.
"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 ceasefire, on the coordinated route as already announced by Ports and Maritime Organisation of the Islamic Rep. of Iran," Araghchi said.
Oil prices slid after the announcement. Brent dropped over 11% at one point, while local crude grade of the UAE, Murban, dropped over 8%.
The announcement also elicited a reaction from US President Donald Trump.
"Iran has just announced that the Strait of Iran is fully open and ready for full passage. Thank you," Trump posted on Truth Social.
The Strait of Hormuz, the primary maritime passage for most Middle East oil shipments, connects the Persian Gulf to the Gulf of Oman and handles almost 20% of global oil and gas flows.