Iran Reopens Strait of Hormuz for Oil Tankers Amid Ceasefire

Iran has announced the reopening of the Strait of Hormuz for commercial oil tankers, as disclosed by Foreign Minister Abbas Araghchi on Friday. The vital waterway will remain fully accessible to commercial ships during an ongoing ceasefire in the Middle East, which has been declared completely open.

It remains unclear if this refers to the 10-day truce between Lebanon and Israel that began two weeks ago or the ceasefire with the United States that took effect on April 8. Iran had previously disrupted global markets by restricting access to the Strait, a key route for global oil shipments.

Reports indicate that Iran's decision to reopen the passage is contingent upon conditions related to the ceasefire in Lebanon. Senior Iranian military officials stated that civilian vessels would be allowed to pass through designated routes, subject to approval from Iran's Islamic Revolutionary Guard Corps, while military vessels will remain barred from U.S. waterways.

Following this announcement, global oil prices surged due to concerns over supply disruptions.