Iran's Foreign Minister Confirms Opening of Strait of Hormuz for Two Weeks

Iran’s Foreign Minister, Abbas Araghchi, has confirmed the opening of shipping lanes in the Strait of Hormuz for two weeks. This safe crossing is provided as a follow-up to the bilateral ceasefire agreement previously announced by the United States. “For two weeks, safe passage in the Strait of Hormuz will be possible with coordination with the Iranian Armed Forces and taking into account technical limitations,” Araghchi wrote on platform X on Wednesday (8/4) local time. The day before, on Tuesday (7/4), US President Donald Trump announced a two-week bilateral ceasefire agreement with Iran. As part of that agreement, Tehran also agreed to open the Strait of Hormuz. Access can only be carried out through coordination with the Iranian armed forces and remains subject to technical restrictions. Iran’s Supreme National Security Council (SNSC) then confirmed that negotiations with the US will begin on Friday in Islamabad, Pakistan. According to the Iranian National Security Council, the agreement with the US covers several important points, including Iran retaining control over the Strait of Hormuz, the lifting of all sanctions against Tehran, the continuation of the uranium enrichment programme, and the withdrawal of all US troops from the Middle East. On the other hand, global oil prices fell sharply by 13-17% following the announcement of the two-week ceasefire between the United States and Iran, according to Wednesday morning trading data. At 00:17, the June Brent crude futures price fell 12.6% from the previous close to $91.92 (approximately Rp1.56 million) per barrel. This marks the first time since 23 March that Brent has fallen below $92. Meanwhile, May WTI crude fell 16.6% to $94.10 (approximately Rp1.6 million). Turkey has expressed its support for the temporary ceasefire agreed between the United States (US) and Iran, amid rising tensions in the Middle East region. The two-week ceasefire plan between the United States (US) and Iran indeed provides relief to the global market, as reflected in the fall in oil prices. President Prabowo Subianto highlighted Indonesia’s crucial position on the global energy and trade map amid rising geopolitical tensions. Iran has proposed a 10-point plan to end the permanent conflict with the US, including the opening of the Strait of Hormuz and transit fees for reconstruction. US Vice President JD Vance stated that the military mission in Iran is nearly complete and the war will soon end after achieving Washington’s strategic objectives.