..Trump Confirms Easing of Tensions
Global oil prices fell sharply on Friday, dropping by about 10 per cent after United States President Donald Trump confirmed that the strategic Strait of Hormuz has been reopened to commercial shipping.
The development followed an announcement by Iran’s Foreign Minister, Abbas Araghchi, who said the vital maritime route had been restored for commercial traffic under an ongoing ceasefire arrangement in the Middle East.
“In line with the ceasefire in Lebanon, the passage for all commercial vessels through Strait of Hormuz is declared completely open… on the coordinated route as already announced,” Araghchi said in a post on X.
President Trump, on his Truth Social platform, confirmed the reopening and welcomed the development, noting that U.S. naval restrictions on Iranian ports would remain in place pending a broader diplomatic agreement.
The Strait of Hormuz is one of the world’s most critical oil shipping routes, carrying about one-fifth of global crude supply daily. Any disruption in the corridor typically sends shockwaves through international energy markets.
Following the announcement, crude oil prices dropped to around $86 per barrel as traders quickly removed the geopolitical risk premium that had pushed prices upward in recent weeks.
Before the latest development, benchmark crude had climbed as high as $96 per barrel after renewed tensions and earlier threats of airstrikes on Iran by President Trump triggered panic buying in global markets.
Market analysts say the latest easing of tensions marks a sharp reversal from the recent price surge that saw oil cross the $100 per barrel mark amid fears of supply shortages following the reported closure of the waterway in late February.
The development is also expected to offer some relief to oil-importing countries, including Nigeria, where fuel prices have remained under pressure in recent months.
In Nigeria, petrol prices have risen from about ₦760 per liter at the onset of the crisis to around ₦1,300 per liter in many parts of the country, worsening the cost of living and transportation expenses for millions of citizens.
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