Oil prices fall as Trump, Iran say Strait of Hormuz is ‘fully open’
The Strait of Hormuz is fully opened, Iranian officials and President Donald Trump said Friday, sending oil prices down.
Iran closed the strait near the beginning of Operation Epic Fury on Feb. 28, leading to the halt of commercial shipping traffic, including oil shipments, which sent gas prices up significantly.
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.
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 dropped over 10%, to just over $81 a barrel. Oil had reached its highest on April 6 at $112 per barrel.
The announcement comes as the clock is ticking 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 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.
Chance Showers And Thunderstorms then Mostly Sunny
Latest News Stories
Industry leaders: Feds can more effectively combat fraud, but privacy rights at risk
Union sues to stop $110B Paramount-Warner Bros. merger
Bipartisan bill would force vote before Social Security cuts hit
Court OKs $45M verdict in talc asbestos case, including $30M for ‘reduced lifespan’
Taxpayers to fund $424.9M soccer stadium infrastructure
Illinois Quick Hits: Benton pulls name from ballot after resignation
Fraud enforcement, weaponization swirl around Blanche’s nomination
Income tax cut on Missouri ballot; Illinois may see more outmigration
Michigan’s U.S. Senate primary heats up as El-Sayed holds lead
Decades of policy choices make gas more expensive for Blue states: Report
EXCLUSIVE: New ethics complaint targets U.S. Sen. Gallego
DOJ releases evidence related to Operation Metro Surge shootings
