Iran declares the Strait of Hormuz 'fully open' and Brent price drops 9%

Strait of Hormuz, on the way itself, key for energy transport Photo: EFE

Iran declares the Strait of Hormuz 'fully open' and Brent price drops 9%

TL;DR

  • Iran declared the Strait of Hormuz fully open for all merchant ships during the remainder of the ceasefire period with the US.
  • The announcement led to an immediate 9% drop in the price of a barrel of Brent crude.
  • The Strait of Hormuz is a critical energy artery, handling 20% of global oil transit.
  • The US, while acknowledging the opening, will maintain its naval blockade on Iranian-origin or destination vessels.
  • The stability of the corridor depends on the finalization of the agreement between Iran and the US before the ceasefire expires.

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