Iran's foreign minister says passage of vessels via Hormuz Strait is open during ceasefire - Reuters

<a href="https://news.google.com/rss/articles/CBMiygFBVV95cUxPUTJrZzRmcFJCMzQxekhHX0FOOVpRTmdNd3hrS000WGV3ZjFGeXpLLVNSUU5zWDBzT1hLclluXzgzQkNDRmgzZy1kQ280YUh1bjM5ZTRPdVA5RGJURFRQcXJmMUN6QWNSVVFNdU9xazlGeXF4SG5kd2MwakNVN291WFlJeENrUzVyWXJNTlNfSmR3dnpXTEZUcERpY0lqaVJqX3lkZzhIUjJRRnFvZHN2NW9pdEgzMmFjUTVlcVEtekZrc2xJeFJXZ0lB?oc=5" target="_blank">Iran's foreign minister says passage of vessels via Hormuz Strait is open during ceasefire</a>&nbsp;&nbsp;<font color="#6f6f6f">Reuters</font>

Oil prices dropped by more than 10% on April 17, 2026, after announcements from U.S. President Trump and Iranian Foreign Minister Abbas Araghchi that the Strait of Hormuz is now open to commercial shipping. The reopening is tied to a ceasefire in Lebanon and is effective for its duration. Market reactions were swift, with Brent crude falling to $88.90 per barrel—its lowest in over a month—signaling traders anticipate an easing of global oil supply constraints. However, uncertainty remains over whether shipping companies will resume full transit amid ongoing geopolitical tensions.

Following weeks of intense conflict in the Middle East involving Iran, Israel, and Hezbollah, U.S. President Donald Trump and Iran’s Foreign Minister Abbas Araghchi announced that the strategic Strait of Hormuz is now fully open to commercial vessels. The development, part of broader ceasefire efforts also involving Israel and Lebanon, sparked a sharp 9-10% decline in oil prices and record gains on Wall Street due to renewed hopes of avoiding a global economic crisis. Despite the reopening, vessel traffic remains constrained with Iran requiring IRGC-coordinated routing. Trump confirmed that the U.S. naval blockade on Iranian ports remains in force until a formal peace deal is reached. Iran criticized the blockade as “piracy,” and warned of reciprocal measures if it persists.

Iran announced the full reopening of the Strait of Hormuz, a vital global oil shipping route, following a 10-day truce between Israel and Hezbollah. Iranian Foreign Minister Abbas Araghchi stated that commercial vessels could now pass through designated Iranian-coordinated routes, although U.S. President Donald Trump said the American naval blockade on Iranian ships and ports would remain in place until a comprehensive U.S.-Iran deal, including provisions on Iran’s nuclear program, is reached. The Iranian Foreign Ministry protested the continued blockade, calling it a violation of ceasefire terms and warning of reciprocal actions. Despite initial celebration, Trump reiterated the blockade and hinted at potential new talks over the weekend. Oil prices dropped on hopes of a U.S.-Iran agreement.

On April 17, 2026, French President Emmanuel Macron and UK Prime Minister Keir Starmer welcomed the reopening of the Strait of Hormuz, a crucial oil route, following an announcement by Iran and the U.S. amid a U.S.-Israeli conflict with Iran. However, both leaders emphasized the need for permanent maritime navigation security. France and the UK plan to lead a multinational, neutral maritime security mission—dubbed the Strait of Hormuz Maritime Freedom of Navigation Initiative—separate from belligerent parties, to ensure commercial passage and conduct mine clearance. Military planners will meet in London to advance preparations. The U.S. Navy's blockade of Iranian vessels remains in effect until pending U.S.-Iran transactions are resolved, according to President Trump, who dismissed European support and criticized NATO as ineffective. The Paris meeting gathered leaders and representatives from 50 nations to address global economic disruptions caused since Iran's temporary closure of the strait in February. While countries like Italy and Germany expressed willingness to contribute, Europe's challenge lies in limited naval resources. Analysts suggest European forces may focus on mine-clearing and threat warning systems to avoid escalating tensions along Iranian shores.

The global economic outlook has improved following the reopening of the Strait of Hormuz after a period of blockage related to Middle East tensions. This critical maritime passage had been restricted by Iran in the wake of high-profile military strikes by the U.S. and Israel targeting Iranian leadership. The situation took a positive turn with Iran's foreign minister announcing the strait's reopening amid a ceasefire between Israel and Lebanon, easing fears over prolonged global disruptions in key commodities like oil, gas, and fertilizer. The development caused a surge in global stock markets—S&P 500 rose by 1.3% to a new record—as oil prices plummeted and bond yields decreased, signaling lower inflation expectations and borrowing costs. Analysts note that the move potentially signifies a shift in strategy by former President Trump to de-escalate conflict and mitigate economic risks. However, uncertainties remain over the long-term impact of the strait's recent closure on the global economy.