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After five days of an American blockade of the Strait if Hormuz, Iran folds and says the waterway is officially open.
“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,” Foreign Minister Seyed Abbas Araghchi said in a social media post. However, vessels must transit through a “coordinated route” announced by Iran’s maritime authorities, Araghchi said.
With that announcement, oil prices dropped down to below $85 a barrel.
On Thursday, President Donald Trump told reporters that he thought a deal to end Operation Epic Fury was close, and that he would go to Pakistan to see it through if necessary.