Donald Trump issues Strait of Hormuz message as oil prices plunge | World | News
Donald Trump celebrated the reopening of the Strait of Hormuz to commercial ships, which Iran announced earlier today. He wrote on Truth Social: “IRAN ANNOUNCED THAT THE PERSIAN STRAIT IS COMPLETELY OPEN AND READY FOR FULL PASSAGE. THANK YOU!”
Minutes before the US leader’s social media post, Iranian Foreign Minister Seyed Abbas Araghchi announced that the key waterway will be free for commercial ships following the ceasefire between Lebanon and Israel. About
Shortly after the announcement, the cost per barrel of oil fell by more than 10%. Brent crude fell 11.4% to $88.04 per barrel, while WTI fell 12% to $83.23 per barrel shortly before 14:15 UTC.
European natural gas prices have also fallen; The Netherlands’ benchmark TTF contract fell 8% to 39.06 euros per megawatt hour.
The US President said that despite the opening of the strait, the naval blockade will continue and that departure is not expected “until our agreement with Iran is 100 percent completed.”
He wrote: “THE STRAIT OF HORmuz IS COMPLETELY OPEN AND READY FOR COMMERCIAL AND FULL PASSAGE, BUT THE MARITIME BLOCKAGE WILL REMAIN FULL OBLIGATION AND EFFECTIVE WITH RESPECT TO IRAN ONLY UNTIL OUR TRANSACTION WITH IRAN IS 100% COMPLETE.
“THIS PROCESS MUST PROCEED VERY FAST, MOST POINTS HAVE ALREADY BEEN NEGOTIATED. THANK YOU FOR YOUR INTEREST IN THIS ISSUE! PRESIDENT DONALD J. TRUMP.”
The reopening of the strait comes after International Air Transport Association (IATA) director general Willie Walsh said flights in Europe could be canceled from the end of May due to disruption of supply lines due to the war in Iran.
Mr Walsh warned on Friday (April 17) that cancellations had already become a problem in Asia. He said: “The IEA’s assessment of potential jet fuel shortages is serious.
“We also predicted that by the end of May we might start to see some cancellations in Europe due to jet fuel shortages. This is already happening in parts of Asia.”
“In addition to doing everything possible to secure alternative supply lines, it is important that authorities have well-communicated and well-coordinated plans in case rationing is required, including easing of slots.”
