.jpg)
1 hour ago
3
Article content
(Bloomberg) — Iran announced the Strait of Hormuz is now “completely open” for commercial traffic, a major step toward ending a war with the US and Israel that’s sent energy prices surging and hit the global economy.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
Oil prices plunged.
Article content
Article content
“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,” Foreign Minister Abbas Araghchi said on X. Ships can move on the “coordinated route as already announced” by Iranian authorities.
Article content
Article content
US President Donald Trump hailed the move in a social media post Friday, saying the strait is “FULLY OPEN AND READY FOR FULL PASSAGE.”
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
Trump announced a 10-day ceasefire between Lebanon and Israel on Thursday evening, a move that eased tensions with Iran. Israel is waging a war against Hezbollah, a Lebanese-based militant group that’s one of Iran’s closest allies, and Tehran insisted on a truce in that conflict for a peace deal to be struck with the US.
Article content
The Lebanon truce held into Friday afternoon.
Article content
Oil’s decline deepened after Araghchi’s post. Brent crude dropped more than 11% to around $88 a barrel as of 2:10 p.m. in London, paring its gain since the Iran conflict began in late February to 21%.
Article content
Trump on Thursday said a deal to end hostilities with Iran was close. The two have been negotiating via Pakistan this week amid a ceasefire between them, which is due to end April 21.
Article content
The reopening of Hormuz was the most pressing issue for Trump, with the jump in fuel prices, including in the US, hurting him politically and frustrating American allies in Asia and Europe.
Article content
Israel and the US triggered the war by bombarding Iran on Feb. 28, saying they needed to destroy its nuclear and missile programs. Israel has previously signaled it would follow any US decision on extending the truce with Iran or agreeing a peace deal.
Article content
(Updates with more detail throughout)
Article content
English (US)