Hormuz Reopens Conditionally; Oil Prices Plunge 10%

Iran's Foreign Minister Seyed Abbas Araghchi stated "passage for all commercial vessels" is "completely open" along a "coordinated route" tied to the ceasefire, as announced by Iran’s Ports and Maritime Organisation. President Trump welcomed the announcement, stating the "Strait of Iran is fully open," but emphasized the U.S. naval blockade remains "in full force and effect" until a broader deal is completed.

The U.S. blockade expanded into a global interdiction campaign, confirmed by the Joint Maritime Information Center (JMIC), allowing forces to stop, board, and seize vessels beyond Iranian waters, targeting "contraband" including crude oil, refined fuels, metals, and machinery. The potential presence of sea mines, which President Trump claimed Iran and the U.S. are removing, further complicates operations.

The shipping industry and insurers face significant uncertainty regarding risk interpretation and operational clarity, as the reopening is conditional and explicitly linked to the ceasefire's duration.