The Strait of Hormuz has been fully reopened to commercial shipping during the ongoing ceasefire between Israel and Lebanon, with ships required to follow a designated route established by Iranian authorities, said Foreign Minister Seyed Abbas Araghchi in a Friday statement.

In line with the ceasefire in Lebanon, the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire, on the coordinated route as already announced by Ports and Maritime Organisation of the Islamic Rep. of Iran.

— Seyed Abbas Araghchi (@araghchi) April 17, 2026

Bitcoin inched higher toward $77,000 on the news after trading earlier in the $74,600–$75,746 range, while oil prices tumbled. Crude dropped 11.5% to near $84 and Brent declined more than 10% to around $89.

President Donald Trump responded by thanking Iran for the move.

The Strait of Hormuz, a critical chokepoint for global oil transportation, witnessed a full closure in early March 2026 as tensions escalated between the US and Iran following military actions initiated by the US. The crisis led to the longest period of oil supply disruptions since the 1973 oil embargo, with prices exceeding record highs and severe impacts on global markets.

The latest development comes shortly after Trump announced a 10-day ceasefire in Lebanon following separate calls with Israeli Prime Minister Benjamin Netanyahu and Lebanese President Joseph Aoun.

The truce, which began at midnight, halts seven weeks of intense Israeli military action against Hezbollah in southern Lebanon and is expected to be followed by direct Israeli–Lebanese talks in Washington next week.