Global oil prices dropped sharply on Friday after Iran signalled that the Strait of Hormuz would remain open to commercial shipping during a temporary ceasefire in the Middle East.

Benchmark crude prices fell by more than 10 per cent, with West Texas Intermediate (WTI) slipping below $85 per barrel, while Brent crude declined to about $89 per barrel.

The decline follows comments by Iran’s Foreign Minister, Abbas Araghchi, who said commercial vessels would be allowed to transit the strait for the duration of a 10-day ceasefire involving Israel and Lebanon.

The truce, which began on Thursday, is reported to include the Iran-backed group Hezbollah.

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Oil prices had surged above $100 per barrel in recent weeks amid heightened tensions in the region, with WTI reaching nearly $113 per barrel earlier this month and Brent climbing above $119 in late March.

Analysts say the reopening of the key shipping route has eased supply concerns in global energy markets.

Brian Therien, a senior investment strategist at Edward Jones, noted that oil futures are now trending lower, with projections suggesting prices could fall to the low $70 range by the end of the year. He added that a sustained drop in prices could help reduce inflationary pressures globally.

The Strait of Hormuz, which links the Persian Gulf to the Arabian Sea, is one of the world’s most critical oil transit routes, accounting for roughly one-fifth of global oil and liquefied natural gas shipments.

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Shipping through the passage had been disrupted during the conflict due to security concerns, including threats of attacks and the presence of naval mines.

An Iranian official told Reuters that vessels moving through the strait during the ceasefire would be required to use designated safe lanes approved by Iranian authorities, while military ships would not be permitted to pass.

Despite the announcement, some shipping firms remain cautious. German carrier Hapag-Lloyd said it is still reviewing the situation before resuming operations in the area.

Meanwhile, Knut Arild Hareide of the Norwegian Shipowners’ Association welcomed the development but warned that uncertainties remain, particularly regarding maritime safety, operational guidelines, and the potential risks posed by unexploded sea mines.

Germany legend, Oliver Kahn, has insisted that one cannot go to the United States with ‘good feelings’ since President Donald Trump returned to the Presidency.

Kahn stated this while speaking to Sky Sport Germany about the upcoming World Cup, which is to be held in the US, Mexico and Canada.

According to the former Bayern Munich goalkeeper, there are so many things happening in the US at the moment that are no longer compatible with ‘values’.

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“There are simply so many things happening in the USA right now that are no longer compatible with our understanding of values,” Kahn said.

“One example was the war, but I don’t want to list everything Donald Trump has been doing there since he returned to the presidency.

“You can’t go there with a good feeling at the moment.”

United States President, Donald Trump, has deleted a social media post that appeared to portray him as Jesus, following backlash and rising tensions with Pope Leo XIV over the Iran war.

The image, shared on Truth Social late Sunday, showed Trump as a Christ-like figure healing the sick, surrounded by American flags and eagles.

The post came shortly after the president criticised the pope for opposing the war with Iran.

By Monday morning, the image had been removed from his account. A previous link to the post now leads to a notice stating the “content is no longer available.”

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Speaking later at the White House, Trump denied the interpretation of the image and said he believed it depicted him differently.

“I did post it, and I thought it was me as a doctor, and had to do with the Red Cross,” he told reporters at the White House.

He dismissed claims that the image portrayed him as Jesus, blaming the media for the narrative.

“Only the fake news” could come up with the idea that it depicted him as Jesus.

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“I just heard about it, and I said, ‘How did they come up with that?’ It’s supposed to be me as a doctor making people better. And I do make people better,” he said.

The development comes amid an ongoing public disagreement between Trump and Pope Leo XIV over the Iran war.

The pope said Monday he has “no fear of the Trump administration” and would continue to speak out, despite criticism from the president, who described his stance as “terrible for foreign policy.”

Leo, the first American pope, has intensified his criticism of the war in recent days, condemning Trump’s remarks about the Iranian people as “truly unacceptable.”

(CNN)