By Shishir Prashant 
PrashantNews
A day after Israel and Lebanon reached ceasefire, Iran on Friday announced that the Strait of Hormuz will reopen for all commercial vessels till the truce remains in place, a move that sent the global stock market rising sharply and oil prices crashing.
The announcement was made by Iran Foreign Minister Abbas Araghchi, who said that the strait was opening “completely”. “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,” Araghchi said in a post on X.
The announcement was met with immediate reactions from US President Donald Trump, who put out a “Thank You” post on this social media platform. “Iran has just announced that the strait of Iran is fully open and ready for full passage. Thank you!,” Trump wrote on Truth Social, referring the crucial passageway as the “Strait of Iran”.
While Iran had prevented most ships from crossing the strait, US had also imposed a blockade on ships entering or leaving Iranian ports.
Trump also said he will consider visiting Pakistan if peace talks with Iran yielded a deal. “I would go to Pakistan. Pakistan has been great. They’ve been so good. If a deal is signed in Islamabad, I might go. The Field Marshal has been great. The Prime Minister has been really great,” Trump told reporters in Washington DC.
The cost of a barrel of Brent crude fell to $88 dollars a barrel, having been above $98 a day earlier, media reports said.
The Strait of Hormuz is a narrow strip of water south of Iran through which a fifth of the world’s oil and liquified natural gas is typically transported.
Global markets rallied on the announcement, with the major US stock indices rising in early trading. The S&P 500 rose by 0.8%, while the Nasdaq and Dow Jones Industrial Average (DJIA) were both up by more than one percent.