ruth901
Are prices falling now? THIS is what RTL economic expert saysIran: Strait of Hormuz opens
A bird's eye view of the Persian Gulf and the Strait of Hormuz. (archive)
-/The Visible Earth/NASA/dpa
Finally hope at the pump?
Iran has fully reopened the crucial Strait of Hormuz to commercial shipping for the remainder of the ceasefire in Lebanon. Iranian Foreign Minister Abbas Araghchi announced this on Friday on the short message platform X. Consumers are now primarily interested in one question: Will prices fall now?
Oil prices fell immediately after the announcement
The passage of all commercial ships takes place on a coordinated route that has already been announced by the Iranian Ports and Shipping Authority, the Iranian Foreign Minister explained. Oil prices fell more than eight percent in international markets following the announcement. The ceasefire for Lebanon came into force on Thursday evening and will last for ten days.
Iran had effectively blocked the strategically important strait since the US-Israeli attacks began on February 28th. About a fifth of global oil exports are transported through the Strait of Hormuz. This has made energy prices drastically more expensive in recent weeks.
Heads of government discuss military security
In Paris in the afternoon, numerous heads of state and government discussed how the route could be secured militarily. Federal Chancellor Friedrich Merz also takes part in the meeting. Merz has already declared a general willingness for Germany to take part in such an operation under certain conditions.
French President Emmanuel Macron welcomes Iran's announcement to reopen the Strait of Hormuz. This is going in the right direction, says Macron in Paris. The latest developments are encouraging, although one must continue to remain cautious.
Despite the announced opening of the Strait of Hormuz, US President Donald Trump is sticking to his naval blockade of ships with an Iranian port as their start or destination. This should remain in place until negotiations with Tehran are concluded, he wrote on his Truth Social platform.
Recommendations from our partners
Ulrich Reitz: Important signal of relaxation for the oil market
Ulrich Reitz is an economic expert at ntv and RTL.
Photo agency SVEN SIMON
We asked RTL economic expert Ulrich Reitz how he classifies the situation. Consumers in Germany are particularly interested in the question of whether the opening will have an impact on prices. Reitz: “The opening of the Strait of Hormuz is initially an important signal of relaxation for the oil market. However, it is not automatically determined whether the price of oil will fall – what matters is whether the passage is permanently safe and trading continues without new disruptions. Then part of the risk premium could come out of the price; If the situation remains uncertain, the price of oil can remain high or even rise further.” (sfu)
Source used: own RTL research, Reuters
