The Strait of Hormuz has reopened to commercial shipping during the ceasefire with the US, the Iranian regime has said.
The US and Iran are expected to continue talks to end the conflict that has raged since the US and Israel attacked the Iranian regime earlier this year.
Commercial traffic through the region, including tankers carrying oil and CO2, has been severely curtailed by the conflict, leading to significant economic impact on countries around the world, including the UK.
Around 20 per cent of the world’s oil and natural liquified gas passes through the strait and the disruption has caused energy prices to spike.
Iran’s foreign minister has said the route is now “completely open” to commercial shipping.
Reacting to the news, US president Donald Trump said on Truth Social: “IRAN HAS JUST ANNOUNCED THAT THE STRAIT OF IRAN IS FULLY OPEN AND READY FOR FULL PASSAGE. THANK YOU!”
However, he added that the US blockade of Iranian ports would continue until an agreement was finalised between the two countries, saying that “most of the points are already negotiated”.
Brent crude fell more than 10 per cent to just over 89 US dollars a barrel in afternoon trading on Friday, and stock markets across Europe also soared.
The FTSE 100 index lifted 0.6 per cent to 10,656, while the Dax in Germany surged 2 per cent and France’s Cac 40 was 1.7 per cent higher.
The announcement on reopening the strait came as Sir Keir Starmer and French President Emmanuel Macron hosted a meeting in Paris aimed at safeguarding the flow of trade through the maritime chokepoint once hostilities in the Middle East cease.
The US and Iran are in the middle of a fragile truce which is due to last until April 22, while Israel and Lebanon have begun a 10-day ceasefire.
Iran’s foreign minister Abbas Araghchi said: “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, on the coordinated route as already announced by Ports and Maritime Organisation of the Islamic Rep of Iran.”
In Paris, Sir Keir pledged to do “everything I can” to reopen the route as he joined the international talks, which do not feature the US, Israel or Iran.
Friday’s meeting at the Elysee Palace brings together 40 countries and the International Maritime Organisation to formulate plans for a multinational mission to protect freedom of navigation.
The Prime Minister and the French President met in the courtyard of the Elysee Palace, Mr Macron’s official residence, where they shook hands warmly before posing for photographs.
Sir Keir said: “It is very important that we build a coalition of countries around the principle that the ceasefire should be permanent, there should be a deal, and that the Strait of Hormuz is open.”
Accompanied by Foreign Secretary Yvette Cooper and Chief of the Defence Staff Sir Richard Knighton, the Prime Minister was calling for a “multinational initiative to protect freedom of navigation”.
“We must reassure commercial shipping and support mine clearance operations to ensure a return to global stability and security,” he said.
The talks in Paris will be followed by a multinational military planning summit at the UK’s permanent joint headquarters in Northwood, north-west London, next week.
But it remains highly unlikely that any of the countries taking part on Friday will deploy ships to the Strait of Hormuz until the war is over.
Such a move is deemed too dangerous because of the risk that vessels could be attacked from Iran’s shoreline.
