How long will Hormuz remain open?

In view of the ceasefire following the conflict in Lebanon, Iran has fully opened the Strait of Hormuz for all commercial vessels for the remaining duration of the ceasefire. However, ships will have to sail only through the designated coordinated routes previously announced by Iran’s Ports and Maritime Organization.

Former U.S. President Donald Trump stated that, with American assistance, Iran is clearing all naval mines from the Strait of Hormuz. However, he added that the naval blockade against Iran will continue until Iran reaches an agreement with the United States to end the conflict.

Following its confrontation with Israel, Iran had effectively blocked the Strait of Hormuz, which disrupted global energy supplies.

With the news of the Strait reopening, crude oil prices dropped by more than 10%. However, in the panel industry, chemicals such as formalin have shown some liquidity, while phenol prices continue to remain at elevated levels.

Meanwhile, Indian refining companies are purchasing oil from Iran under temporary exemptions from U.S. sanctions, making payments in Chinese currency.

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