BEIRUT (AP) — Iran says the Strait of Hormuz is fully open to commercial vessels. But President Donald Trump says the American blockade on Iranian ships and ports will stay in force until Tehran reaches a deal with the U.S., including on its nuclear program. Iranian Foreign Minister Abbas Araghchi posted Friday on X that the crucial waterway is now fully open to commercial vessels. This comes as a 10-day truce between Israel and the Iran-backed Hezbollah militant group in Lebanon appears to hold. Trump initially celebrated the Iranian announcement. But minutes later, he issued another post saying the U.S. Navy’s blockade would continue.
Oil prices drop 9% and Wall Street rallies to a record after Iran reopens the Strait of Hormuz
NEW YORK (AP) — Oil prices dropped back to where they were in the early days of the Iran war, and U.S. stocks raced to another record. The S&P 500 leaped 1.2% Friday after Iran said the Strait of Hormuz is open again for commercial tankers carrying crude. The Dow Jones Industrial Average leaped as many as 1,100 points before paring its gain and ended with a jump of nearly 870 points, or 1.8%, while the Nasdaq composite climbed 1.5%. A freer flow of oil could take pressure off prices not only for gasoline but also for groceries and all kinds of other products. Oil prices fell 9%.
The truce in Lebanon is key to ending the wider Iran war, but challenges remain
BEIRUT (AP) — A truce took hold Friday between Israel and Lebanon’s Hezbollah, providing relief on both sides of the border and an opening for Iran and the United States to reach a deal to end the wider war. The ceasefire appears to have paved the way for Iran to reopen the Strait of Hormuz, easing the global energy crisis. But major obstacles remain, as Hezbollah has not formally agreed to the truce and wants Israel to withdraw from southern Lebanon. Israel says it is “not finished” dismantling the Iran-backed militant group and shows no sign of ending its occupation.
