Iran Reopens Strait of Hormuz

Iran's Foreign Minister, Abbas Araghchi, announced that the Strait of Hormuz, a crucial waterway for global crude oil, would be 'completely open' for commercial vessels during the ongoing ceasefire. This declaration, made on X, led to a significant drop of over 10% in oil prices, with both Brent Crude and West Texas Intermediate falling below $90 per barrel. In response, major stock markets, including the S&P 500 and Nasdaq Composite, surged to new record highs, reflecting investor optimism about easing supply chain disruptions and potential peace. However, United States President Donald Trump stated that the US naval blockade of Iranian ports would remain in effect until a full peace deal is reached. The exact duration and scope of the ceasefire mentioned by Iran's Foreign Minister, whether it refers to a 10-day truce between Lebanon and Israel or an earlier two-week truce between Iran and the United States, remained unclear. French President Emmanuel Macron and UK Prime Minister Keir Starmer were also chairing a meeting to discuss sending a multinational force to ensure free trade in the Strait of Hormuz once the conflict concludes.