Iran Reopens Hormuz Strait During 10-Day Israel-Lebanon Truce, US Blockade Remains
Iran reopened the Strait of Hormuz for commercial vessels during the US-brokered 10-day truce between Israel and Lebanon, announced by Foreign Minister Abbas Araqchi. Despite President Trump's optimism and a 10% drop in oil prices, uncertainty remains as the US blockade continues and Iran requires coordination with the Islamic Revolutionary Guard Corps. The conflict reignited on March 2 when Hezbollah opened fire on Israel, prompting an Israeli offensive that authorities say has killed nearly 2,300 people.
Iran temporarily reopened the Strait of Hormuz following a ceasefire agreement in Lebanon, Foreign Minister Abbas Araqchi announced. The strait is open for commercial vessels for the remainder of the US-brokered 10-day truce between Israel and Lebanon, which was invaded by Israel after Hezbollah joined the fighting. President Trump, who with Israel launched the war on Iran on February 28, called Araqchi's announcement "a great and brilliant day for the world." However, uncertainty remains about shipping returning to normal.
Trump stated the US blockade of ships sailing to Iranian ports would remain until "our transaction with Iran is 100% complete." Iran's parliament speaker Mohammad Baqer Qalibaf said the strait "will not remain open" if the US blockade continues. Iran stated all ships must coordinate with the Islamic Revolutionary Guard Corps, and military vessels and ships linked to "hostile forces," US and Israel, are still not permitted to pass. Vessel traffic data showed around 20 ships attempting to transit the strait, but most turned back.
Oil prices fell about 10% and global stocks jumped on the news. Shipping companies cautiously welcomed the announcement but require clarifications. The US Navy warned of mine threats. Britain said over a dozen countries are willing to join an international mission to protect shipping. A Pakistani source said an upcoming meeting could result in an initial memorandum of understanding followed by a comprehensive peace agreement within 60 days. A senior Iranian official said there was an agreement on unfreezing billions of dollars in Iranian assets.
Trump said "no money will exchange hands." At last weekend's talks, the US proposed a 20-year suspension of all Iranian nuclear activity, while Iran suggested a halt of three to five years. Trump told Reuters the US might remove Iran's stockpiles of enriched uranium, but Iran's Foreign Ministry spokesperson Esmaeil Baghaei said the material would not be transferred. Despite Trump's optimism, Iranian sources said "gaps remained to be resolved." The ceasefire between Israel and Lebanon appeared largely holding, despite some Israeli violations. The conflict reignited on March 2 when Hezbollah opened fire on Israel, prompting an Israeli offensive that authorities say has killed nearly 2,300 people.