The Digest:
Iran has announced that the Strait of Hormuz is now fully open to commercial vessels, following a truce in Lebanon. Foreign Minister Seyed Abbas Araghchi said ships must follow a coordinated route set by Iranian maritime authorities. US President Donald Trump welcomed the move on social media. Global oil prices fell sharply by more than 11 per cent after the announcement.
Key Points:
- Global oil prices dropped sharply, offering relief to fuel-importing nations like Nigeria.
- Open passage reduces supply chain risks that had driven up energy costs.
- The decision follows a 10-day Israel-Lebanon ceasefire that began Thursday.
- Iran maintains control by requiring ships to use a coordinated route.
- Trump's approval signals a possible easing of US-Iran tensions.
Markets will watch whether the ceasefire holds and if oil prices continue to stabilise.
Sources: Daily Post Nigeria, Channels, Premium Times
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