The Kabul Tribune (KT) — Iran said Friday that the Strait of Hormuz has reopened to commercial shipping following a ceasefire agreement linked to fighting in Lebanon, while U.S. President Donald Trump expressed optimism that a broader deal to end the Iran conflict could be reached soon.
Iranian Foreign Minister Abbas Araqchi said in a post on X
that the strategic waterway was open to all commercial vessels for the
remainder of a U.S.-brokered 10-day truce between Israeli forces and
Iran-backed Hezbollah, agreed between Israel and Lebanon.
A senior Iranian official told Reuters that transit would be
limited to designated lanes deemed safe by Iran and would exclude naval
vessels.
The Strait of Hormuz, through which about one-fifth of
global oil and liquefied natural gas shipments normally pass, had been
effectively closed during the conflict that erupted on Feb. 28, contributing to
severe disruptions in global energy markets.
Trump said he believed a deal to end the Iran war would come
“soon,” although he provided no timeframe.
Oil prices fell sharply following Araqchi’s announcement,
extending earlier losses, while global stock markets rose further as investors
reacted to easing tensions.
Shipping companies, however, struck a cautious tone. German
carrier Hapag-Lloyd said it would avoid the strait while assessing the
situation, while the Norwegian Shipowners’ Association said further clarity was
needed, including on potential risks such as sea mines.
The International Monetary Fund has warned that prolonged
conflict in the region could tip the global economy into recession, largely due
to disruptions in the Strait of Hormuz.
