Iran reopens Strait of Hormuz, but says US must end naval blockade
Iran has temporarily reopened the Strait of Hormuz following a ceasefire agreement in Lebanon, but warned it could close it again if the US Navy blockade continues. The move has led to a decrease in oil prices and a surge in global stocks.
Iran has reopened the Strait of Hormuz to commercial vessels following a ceasefire agreement in Lebanon. The move is part of a US-brokered 10-day truce between Israel and Lebanon. However, Iran warned that it could close the strait again if the US Navy blockade of Iranian ports continues. The US has stated that the blockade will remain until its 'transaction with Iran is 100% complete'. Vessel traffic data showed a group of around 20 ships attempting to transit the strait, but most turned back. The US Navy has warned seafarers of a mine threat in the waterway. Oil prices fell 10% and global stocks jumped on the news. Shipping companies have welcomed Iran's announcement but are seeking clarifications on safety concerns.
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