The Strait of Hormuz is fully opened, the Iranian officials and President Donald Trump announced Friday morning, sending oil prices plummeting.
The strait, which has been one of the major sticking points since Operation Epic Fury began Feb. 28, has led to the halt of commercial shipping traffic, including oil shipments.
The Islamic Republic of Iran announced the reopening of the strait, crediting the ceasefire in Lebanon with Israel.
“In line with the ceasefire in Lebanon, the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire, on the coordinated route already announced by Ports and Maritime Organization of the Islamic Rep. of Iran,” according to a statement from Iran.
President Donald Trump confirmed the reopening of the waterway connecting the Persian Gulf and the Gulf of Oman.
“Iran has just announced that the Strait of Iran is fully open and ready for full passage,” Trump posted on Truth Social.
After the announcement of the reopening Friday morning, crude oil has dropped over 10%, to just over $81 a barrel, reaching its highest on April 6 at $112 per barrel.
The announcement comes as the clock is ticking down for the ceasefire between the U.S. and Iran, and as Trump maintains the two countries are close to a deal, underscoring that Iran must commit to not producing nuclear weapons.
The president indicated that talks with in Pakistan may resume over the weekend after Vice President JD Vance failed to produce a deal last weekend. The White House has yet to announce a second round of talks; however, Trump has said he has been in direct contact with Iranian officials.
On Monday, Trump announced a total blockade of Iranian ports in an effort to squeeze the regime economically.
In a second Truth Social post Friday morning, the president confirmed the naval blockade on Iran remains in effect “until such time as our transaction with Iran is 100% complete.”
Trump added, “the process should go very quickly in that most of the points are already negotiated” in relation to reaching a final deal with the Islamic Republic.
