Nigeria, April 18 -- Iran says the Strait of Hormuz is now "completely open" to all commercial vessels.

Iranian Foreign Minister Abbas Araghchi announced in a post on X that the decision to open the strategic waterway aligns with the terms of the Lebanon ceasefire agreement.

He said, "In line with the ceasefire in Lebanon, the passage for all commercial vessels through the Strait of Hormuz is declared completely open for the remaining period of the ceasefire," he said.

Following Mr Araghchi's announcement, oil prices fell below $90 a barrel.

International benchmark Brent crude futures fell to $87.94. Also, US crude fell a similar amount to $83.33 a barrel.

PREMIUM TIMES earlier reported that Israel and Lebanon reached a 10-day ceasef...