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International Business Times UK
International Business Times UK
World
Jaja Agpalo

Global Oil Prices Collapse as Iran Flashes Green Light at Hormuz, but Trump Refuses to Blink on Naval Blockade

Donald Trump Iran United States Hormuz Oil Lebanon Seyed Abbas Araghchi Israel Tehran Hezbollah

Global oil prices tumbled on Friday after Donald Trump confirmed that Iran had reopened the Strait of Hormuz to commercial shipping during a fragile Middle East ceasefire, even as he insisted a US naval blockade of Iranian ports would stay firmly in place.

Tehran's move follows a 10-day ceasefire agreed on Thursday between Israel and Lebanon, starting at 5 p.m. ET, aimed at pausing Israel's military campaign against Hezbollah, the Iran-aligned militant group embedded in southern Lebanon. That conflict has repeatedly complicated attempts by Washington and Tehran to strike any broader deal, and the Strait of Hormuz has become the most visible pressure point.

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