Trump cheers as oil prices PLUNGE after Iran declares Hormuz ‘open’

Donald Trump hailed a major step toward peace with Iran after the regime’s leadership declared the Strait of Hormuz ‘completely open’ following Israel’s ceasefire with Lebanon.

Iran’s foreign minister announced Friday morning on social media that ‘all commercial vessels’ are now permitted to pass through the critical oil chokepoint, marking a full reopening after nearly a month-long shutdown.

‘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,’ wrote Seyed Abbas Araghchi.

Following the announcement, crude prices plunged 10 percent within minutes to $82 a barrel. The strait carries roughly one-fifth of the world’s oil supply.

Trump reacted on Truth Social by thanking the regime he once sought to topple: ‘IRAN HAS JUST ANNOUNCED THAT THE STRAIT OF IRAN IS FULLY OPEN AND READY FOR FULL PASSAGE. THANK YOU!’

The President later added that the US naval blockade of the strait would ‘remain in full force’ until Iran reaches a deal to end war.

‘THE STRAIT OF HORMUZ IS COMPLETELY OPEN AND READY FOR BUSINESS AND FULL PASSAGE, BUT THE NAVAL BLOCKADE WILL REMAIN IN FULL FORCE AND EFFECT AS IT PERTAINS TO IRAN, ONLY, UNTIL SUCH TIME AS OUR TRANSACTION WITH IRAN IS 100% COMPLETE. THIS PROCESS SHOULD GO VERY QUICKLY IN THAT MOST OF THE POINTS ARE ALREADY NEGOTIATED,’ Trump wrote. 

Iran had previously insisted the strait would only fully reopen if Israel agreed to a ceasefire in Lebanon, where Tehran-backed Hezbollah is active. On Thursday, Trump announced a 10-day ceasefire between Israel and Lebanon following a phone call with Benjamin Netanyahu. 

After peace talks with the Islamic regime collapsed last weekend in Pakistan, the President launched a naval blockade of the strait. Iran had halted nearly all commercial transport through the passageway since the start of the war by deploying explosive suicide boats, drones, and mines.

Negotiations between the U.S. and Iran have picked up in recent days, with Washington weighing a proposal to release roughly $20 billion in frozen Iranian funds in exchange for Tehran surrendering its stockpile of enriched uranium, according to Axios.

Trump denied that the US would pay Iran for it’s uranium stockpile, stating, ‘No money will exchange hands in any way, shape, or form.’

The President also stated the current peace deal will be ‘in no way subject to Lebanon, either, but the USA will, separately, work with Lebanon, and deal with the Hezboolah situation in an appropriate manner.’ 

‘Israel will not be bombing Lebanon any longer. They are PROHIBITED from doing so by the U.S.A. Enough is enough!!!

Trump previously said Thursday that US and Iranian negotiators would likely meet this weekend for a second round of talks before a two week ceasefire approaches its expiration on Tuesday.

A source familiar with the mediation efforts said the talks will take place in Islamabad on Sunday.

Trump also told reporters on Thursday that Iran agreed to hand over highly enriched uranium he claims was buried following US airstrikes on key Iranian nuclear facilities last year.

There has been no confirmation from Iran, however, that it made this concession during talks with US officials last week.

Trump also noted he was willing to extend the temporary ceasefire beyond the April 21 deadline if peace talks progress. 

Ensuring Iran cannot access their underground nuclear stockpiles, specifically the 450kg of 60 per cent enriched uranium, is a primary objective for the Trump administration.

Iran, meanwhile, is demanding full control over the Strait Hormuz, including the ability to tax foreign oil tankers.  

Notably, the President referred to the waterway as the ‘Strait of Iran’ rather than the the Strait of Hormuz in his Truth Social post celebrating the opening.