Strait of Hormuz Reopens Amid Iran-US War, Triggering Oil Price Drop and Market Rally
Trump announced the Strait of Hormuz is 'completely open' and Iran will 'never close it again,' with oil prices falling sharply and Wall Street hitting a record high in response. Iran's position is more conditional: a Defense Ministry spokesperson said the strait is 'only open under ceasefire conditions,' while Iran's top negotiator (per Times of Israel) separately threatened to close it again if the US blockade continues — directly contradicting Trump's framing. At least 10 vessels that had reversed course near Hormuz began proceeding again, Iraq resumed its southern oil exports after a month-long halt, and Australia pledged to 'stand ready' to support security in the strait. Overall, the war on Iran has removed roughly 500 million barrels of crude from global markets, the largest energy supply disruption in modern history.