President Donald Trump announced that Iran has opened the Strait of Hormuz after Israel and Lebanon agreed to a 10-day ceasefire. Oil prices immediately decreased on the news of the Hormuz Strait being opened.

President Trump stated, “Iran has agreed to never close the Strait of Hormuz again. It will no longer be used as a weapon against the World!” He added that the blockage will “remain in full force and effect as it pertains to Iran” until peace details are completed.
The United States military began to guard the strait earlier this week, blockading Iranian ports, which stopped all commerce from entering or leaving the country.
Joint Chiefs of Staff Chair General Dan Caine explained that the blockade applied “to all ships regardless of nationality heading into or from Iranian ports.” He highlighted that the U.S. blockade had been of Iran’s ports and coastline, not the Strait of Hormuz, and that enforcement occurred “inside Iran’s territorial seas and international waters.
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