Iran announced on Tuesday that the Strait of Hormuz is not fully closed, offering relief to global markets. Oil prices dropped below 100 dollars per barrel after days of tension. The situation had raised fears of disruption to global trade.
In a statement to the United Nations, Tehran said non hostile vessels can pass through the Strait. This includes countries like India. However, ships linked to the US and Israel are reportedly restricted.
Nearly 20 percent of global oil supply passes through this route. Any disruption usually leads to sharp price increases. Iran’s conditional opening helped ease concerns and pushed prices down by over 5 percent.
Despite this, tensions remain high on the ground. The US has moved thousands of troops closer to Iran. This signals that preparations for further escalation are still underway.
Donald Trump has claimed that the US has already won. He is now promoting a 15 point peace proposal. Reports suggest the proposal has been sent to Iran through Pakistan.
The proposal reportedly asks Iran to end its nuclear and missile programmes. It also calls for reduced regional influence and open access to the Strait. The US is said to offer a 30 day ceasefire for talks.
Iran has rejected these claims and called them misleading. It accused Washington of trying to influence markets while preparing for more attacks. The situation remains uncertain.
While falling oil prices offer short term relief, risks continue. Any failure in diplomacy could affect global energy routes. The coming days will be crucial for stability in the region.
