Oil prices fall sharply after opening of Strait of Hormuz

(Patria) - Oil prices fell sharply today on international markets - below $87 after Iran responded to the ceasefire in Lebanon by fully opening the Strait of Hormuz, signaling a possible normalization of energy transit.

In the London market, crude oil was trading this afternoon at $12.87 lower than at the close of trading yesterday - at $86.52. In the American market, it was $13.28 cheaper and cost $81.41.

The opening of the Strait of Hormuz by Iran brought relief to oil markets at the end of the working week.

"In accordance with the ceasefire in Lebanon, all commercial ships can now freely pass through the Strait of Hormuz until the end of the ceasefire period," announced Iranian Foreign Minister Abbas Araghchi on X, adding that passage through Hormuz will be via a "coordinated route" already indicated by the Iranian navy.

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Iran opened the Strait of Hormuz for all ships

(Patria) - Head of Iranian diplomacy Abbas Araghchi stated today that navigation through the Strait of Hormuz will be fully open to all commercial ships during the remaining period of the ceasefire, in accordance with the ceasefire agreement reached

US President Donald Trump responded shortly on the Truth Social social network, writing: "Iran has just announced that the Strait of Hormuz is fully open and ready for passage. Thank you".

In early March, Iran took control of the strait due to US-Israeli attacks, prohibiting transit for ships connected to the US, Israel, and their allies.

US-Iranian negotiations in Islamabad last weekend were supposed to turn a two-week ceasefire into a peace agreement, but they were unsuccessful.

Tehran conditioned the negotiations on extending the two-week ceasefire to all fronts, including Lebanon. The Israeli army fiercely attacked Lebanon, killing more than 300 people in a single day.

Trump announced negotiations between Lebanon and Israel in Washington and last night announced that a ceasefire agreement had been reached.

Israel and Lebanon have agreed to "cease hostilities" from Thursday evening shortly before midnight, initially for a period of 10 days, to allow for peace talks, according to the text of the agreement published by the US State Department.

"Israel will no longer bomb Lebanon, the US is forbidding them. Enough is enough," Trump wrote today in a social media post.

US and Iranian negotiators are expected to meet again soon.

"We'll see what happens, but I think we are very close to a deal with Iran," the US President told reporters yesterday in front of the White House.

Separate calculations by the Organization of the Petroleum Exporting Countries (OPEC) show that a barrel of oil was 23 cents more expensive yesterday and cost $104.79.