New Delhi: Amid heightened geopolitical tensions in West Asia, Iran has announced the reopening of the Strait of Hormuz for global shipping, triggering a sharp 10% drop in crude oil prices.
The Strait of Hormuz is one of the world’s most critical transit routes, and its reopening is expected to stabilise global oil supply and reduce uncertainty in international markets.
The move is being seen as a positive step toward easing regional tensions and restoring stability in global energy markets.
US President Donald Trump welcomed the decision and thanked Iran for reopening the route. He said the move would benefit the global economy and help reduce tensions in the region.
The development comes after weeks of strained relations between Iran and Western nations over the strategic waterway, raising hopes of renewed diplomatic engagement between the two sides.
