Oil prices plunge as Iran says Strait of Hormuz 'open' during ceasefire
Iran said the Strait of Hormuz would be "completely open" to commercial ships for the remainder of the ceasefire. This announcement was made after a ceasefire agreement between Israel and Lebanon. Iranian Foreign Minister Abbas Araghchi said, "The passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire."
Oil prices plummeted, with the cost of a barrel of Brent crude falling to $88 dollars a barrel, after being above $98 earlier on Friday. Global markets rallied, with the S&P 500 rising by 0.8%, and the Nasdaq and Dow Jones Industrial Average (DJIA) both up by more than 1%. European shares also rose, with the Cac index in Paris and Dax in Frankfurt both climbing by more than 2%, while London's FTSE 100 rose by around 0.5%. The Strait of Hormuz had been effectively shut by Iran since the US and Israel launched military strikes in the country in late February. Before the conflict, Brent crude was trading at under $70 per barrel, rising above $100 before reaching a peak of more than $119 per barrel in March.
US President Donald Trump welcomed the move, writing on Truth Social: "IRAN HAS JUST ANNOUNCED THAT THE STRAIT OF IRAN IS FULLY OPEN AND READY FOR FULL PASSAGE. THANK YOU!" However, he also said a naval blockade of Iran will remain "in full force and effect" until a permanent deal to end the US-Israel war with the country is agreed.
Quick Summary
Iran has announced a major decision regarding the Strait of Hormuz during the ceasefire. This move has significant implications for global markets and supply chains - but what could they be?
Summary - read the full story for complete context.
Image: Joy Business
GhanaFront aggregates news from trusted sources. Click to read the original article.
Keywords
Explore related tagsMore from Joy Business
Related Stories
More from Business & Economy
Shell profits double as oil prices rise due to Iran war
Amidst global energy market disruptions, one oil giant reports a dramatic increase in its latest quarterly profits.
15h ago•2 min read
African countries need urgent pension reforms - Veep to APSA participants
With a rapidly aging population and a largely informal workforce, Africa faces a critical challenge in securing the financial future of its citizens.
10h ago•4 min read
Oil prices slip as tankers continue to ply Middle East conflict zones
Despite heightened Middle East tensions, oil prices are slipping as tankers find alternative routes, raising questions about the region's influence
19h ago•3 min read
Kraft paper, biodegradable containers to replace styrofoam as Ghana prepares for 2027 ban
Ghana's takeaway industry is on the brink of a major transformation-find out how this will impact businesses and the environment.
3h ago•3 min read
