Iran reopens Strait of Hormuz; Trump says US naval blockade to continue
Following Araqchi's announcement, oil prices dropped by around 13%, extending earlier losses.
Highlights
- Iran says Strait of Hormuz open for duration of ceasefire
- US President Donald Trump says Iran war should end 'soon'
- Timing of talks remains uncertain
- Iranian foreign minister says Strait of Hormuz open
Iran today (17 April) announced the reopening of the Strait of Hormuz following a ceasefire agreement linked to Lebanon, while US President Donald Trump said a broader deal to end the conflict could come "soon," though no timeline has been confirmed.
Iranian Foreign Minister Abbas Araqchi said in a post on X that the key shipping route is now "declared completely open" for all commercial vessels during the remaining period of the ceasefire.
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He noted that vessels must follow routes designated by Iran's Ports and Maritime Organisation, and that the reopening aligns with the US-brokered 10-day truce involving Israel and Iran-backed Hezbollah.
In a post on Truth Social, Trump confirmed the development, stating the Strait is "COMPLETELY OPEN AND READY FOR BUSINESS."
However, he added, "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," Trump said.
Despite the ceasefire, which is set to expire Tuesday, Iran had earlier kept the vital waterway restricted, citing ongoing Israeli strikes in Lebanon.
The conflict, which began on 28 February with US-Israeli attacks on Iran, has killed thousands and destabilised the Middle East. The disruption effectively shut down the Strait of Hormuz, through which about one-fifth of the world's oil and liquefied natural gas supplies pass, raising fears of a major global energy shock.
Following Araqchi's announcement, oil prices dropped by around 13%, extending earlier losses.
The International Monetary Fund this week lowered its forecasts for global growth and warned the global economy risked tipping into recession if the conflict was prolonged.
Trump had said on Thursday that talks could happen as soon as this weekend, although that was looking increasingly unlikely by Friday afternoon given the logistics of assembling officials in the Pakistani capital Islamabad, where the talks are expected to take place.
