Oil prices dropped sharply after Strait of Hormuz was declared open to commercial shipping by Iran for the remainder of the ceasefire period, easing concerns over global energy supply disruptions.
The price of Brent crude fell to around $88 per barrel, down from over $98 earlier in the day. The strategic waterway, which connects the Gulf to the Arabian Sea, typically handles about one-fifth of the world’s oil and liquefied natural gas shipments, making it a critical artery for global energy markets.
Iran’s Foreign Minister, Abbas Araghchi, confirmed that all commercial vessels would be allowed to pass freely during the ceasefire. The announcement helped calm markets that had been unsettled by weeks of disruption.
Global financial markets reacted positively. In the United States, the S&P 500 rose by 0.8%, while both the Nasdaq Composite and the Dow Jones Industrial Average gained more than 1%. European markets also saw strong gains, with Paris and Frankfurt indices rising over 2%, and London’s benchmark posting moderate growth.
The Strait had effectively been closed since late February following military strikes by the United States and Israel on Iran, severely limiting the movement of oil and gas tankers. This disruption had driven crude prices from below $70 per barrel to peaks above $119 in March, triggering higher fuel costs globally and raising concerns over energy supply chains.
Beyond fuel, the closure also disrupted the transport of key fertiliser components, a significant portion of which passes through the Strait. This created additional pressure on agricultural production and food prices worldwide.
Although the reopening has started to ease tensions, industry players remain cautious. Some shipping operators have indicated they are not yet ready to resume transit immediately, citing ongoing safety concerns. Companies such as Stena Bulk said they would continue to monitor the situation before making operational decisions.
The move follows a broader ceasefire arrangement in the region and was welcomed by Donald Trump, who described the reopening as a positive step toward stabilizing global markets. However, he noted that existing naval measures against Iran would remain in place until a more permanent agreement is reached.
Despite the announcement, uncertainty persists, and the full normalization of shipping traffic through the Strait will depend on how quickly confidence returns among global energy and logistics operators.
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