Iran Opens Hormuz to Commerce, U.S. Blockade Stays

Iranian Foreign Minister Abbas Araqchi announced Friday that the Strait of Hormuz is open for commercial vessels during what he described as a ceasefire period, though it remains unclear whether he referenced the 10-day Lebanon-Israel truce that took effect at midnight or the earlier two-week Iran-U.S. truce that began April 8. Araqchi specified that ship passage must follow routes designated by Iran's Ports and Maritime Organisation. Oil prices fell roughly 9 percent on the announcement, extending prior losses, reflecting how severely the strait's effective closure had pressured global energy markets since the U.S.-Israeli campaign against Iran began February 28. The conflict had halted transit of roughly a fifth of global oil and LNG supply, prompting the IMF this week to cut global growth forecasts and warn of recession risk if hostilities persist. President Trump welcomed the move but immediately clarified that the U.S. naval blockade on ships sailing to Iranian ports remains fully in place until a deal is finalized. Further talks are expected in Islamabad, though assembling officials this weekend appeared logistically uncertain by Friday afternoon.