Hormuz appears set for reopening as US, Iran announce lifting blockades

The Strait of Hormuz appeared on Wednesday to be set for opening following announcements by the US and Iran that the blockades on the waterway crucial to the global economy was being lifted. After US President Donald Trump said on Tuesday evening he was pausing the blockade to see if an agreement with Iran can be reached, Iran’s military, the Islamic Revolutionary Guard Corps (IRGC), said on Wednesday that it would allow ships to pass the Strait of Hormuz. It claimed that the US threats had been “neutralised”. Trump threatened earlier on Wednesday morning to resume bombing at “a much…