Global oil prices fell sharply on Friday after Iran reopened the Strait of Hormuz, a vital shipping corridor that handles a large share of the world’s crude exports. The decision was linked to a ceasefire between Israel and Lebanon, which has temporarily eased tensions in the wider Middle East conflict zone.
By Advent Shoko
Brent crude and other benchmark oil prices dropped by more than 10% as markets reacted to improved supply flows and reduced risk of disruption through the strategic waterway. The Strait of Hormuz is one of the most important energy chokepoints globally, and even small changes in access typically trigger immediate price swings.
Iran said the reopening of the strait was in line with the ceasefire arrangement, allowing commercial vessels to resume passage under agreed conditions. The announcement signalled a temporary easing of maritime restrictions that had previously constrained global oil movement and driven up energy costs.
However, uncertainty remains in the market after Donald Trump stated that the United States’ blockade on Iranian ports will remain in effect until broader political and security conditions are fully resolved. That position has introduced fresh questions over how stable the current arrangement will be and whether shipping flows could face renewed pressure.
Analysts say the price drop reflects short-term relief rather than a lasting stabilisation of the market. While supply concerns have eased for now, traders remain cautious about the durability of the ceasefire and the risk of renewed disruption in the region.
For now, global energy markets are responding positively to increased access through the Strait of Hormuz, but volatility remains firmly in play as competing political signals continue to shape expectations.
Meanwhile, in Zimbabwe fuel is priced as follows:
- Petrol Blend US$2.23 and ZiG$56.70
- Diesel US$2.11 and $53.60
- LP Gas US$1.85/kg and ZiG$46.89/kg
- Electricity US$4.26 Per 50 Units/kWh and ZiG$109.04 Per 50 Units/kWh
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