Iran Opens Hormuz Strait; Trump Says US Blockade Remains Until Deal

Oil and gas prices fell sharply on Friday after Iran said the Strait of Hormuz was open to commercial shipping. This potentially clears the way for tankers holding millions of barrels of oil and gas to reach the global market, averting a prolonged strain on fuel supplies.

Iran’s foreign minister Abbas Araghchi announced passage for commercial vessels would be permitted while there was a ceasefire in Lebanon. US president Donald Trump described the strait as “completely open and ready for business” but said a US naval blockade on Iranian ships would continue until negotiations with Iran concluded. It remains unclear how quickly shipping can resume to prewar conditions and whether Iran will impose restrictions.

The breakthrough puts diplomatic focus on extending the ceasefire between the US, Israel, and Iran, and the 10-day halt to fighting between Israel and Hizbullah militants in Lebanon. France and the UK are leading efforts to gather an international coalition to ensure shipping safety in the Strait.

French president Emmanuel Macron said, “The blockage of the Strait started by Iran has grave consequences for the whole world,” opposing any attempt to privatize the Strait or introduce a toll system. UK prime minister Keir Starmer stated, "All nations interested in freedom of navigation are invited" to participate, adding that a military planning meeting would be held in London.