Iran ends Strait of Hormuz blockade as oil prices fall, Trump calls it 'great day for world'
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Iran has ended its blockade of the Strait of Hormuz, a critical oil shipping route, leading to a decline in global oil prices. The Iranian government promised to keep the strait open while a ceasefire remains in effect. Despite Iran's decision to lift the blockade, the United States plans to continue its own blockade of Iranian vessels. Former President Donald Trump described the development as a 'great day for the world' following the easing of tensions in the strategically important waterway, through which approximately 20% of global oil supplies pass.