Iran's Foreign Minister, Abbas Araghchi, announced that the Strait of Hormuz is now fully open for commercial vessels during the ongoing ceasefire related to the conflict in Lebanon. This decision comes after a series of restrictions imposed by Iran, which had previously closed the strait following military conflicts with the United States and Israel. The Strait of Hormuz is a critical global oil chokepoint, responsible for approximately 20% of the world's oil supply. The announcement was also confirmed by U.S. President Donald Trump, who noted the strait's reopening on social media. The previous military actions had led to a drastic reduction in maritime traffic, with oil supply tightening and prices surging globally. Following the announcement on April 17, oil prices dropped by about 10%, easing fears of supply disruptions. The situation remains fluid, with ongoing tensions between Iran and the U.S. as the region navigates this temporary truce.