Iranian Official Confirms Strait of Hormuz Open Under Truce Terms
Tehran – Iranian Foreign Minister Abbas Araqchi announced Friday that the Hormuz Strait will remain fully open to merchant vessels in accordance with the current ceasefire agreements. The statement follows the commencement of a ten-day truce in Lebanon, which began Thursday evening, and the ongoing two-week truce between Iran and the United States, initiated on April 8th. Araqchi’s declaration comes amidst concerns regarding maritime security in the strategically vital waterway.
The commitment to maintaining open access is intended to facilitate the continuation of global trade routes during the period of reduced hostilities. Following the announcement, oil prices experienced a notable decline. West Texas Light crude oil for delivery in May saw a decrease of 12.33 percent, with the price falling to $83.01 (70.50 euros) at 7:00 p.m.
Central European time. Similarly, Brent North Sea crude oil for June delivery decreased by 10.78 percent, reaching $88.68 (75.32 euros). Despite the drop, oil prices remain elevated.
Market analysts attribute the fluctuations to the ongoing truce and its potential impact on supply chain stability. —
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Topics: #oil #truce #prices
