Iran Reopens Strait of Hormuz

Iran has reopened the Strait of Hormuz, and world markets were celebrating. Foreign Minister Abbas Araghchi announced on X that the waterway is once again open to commercial traffic, reports the Wall Street Journal. He said it will remain open at least through the duration of the 10-day ceasefire between Israel and Lebanon. Oil prices plunged about 10% on the news, with benchmark Brent down to roughly $90 a barrel, per CNBC. The Dow surged more than 500 points, or 1.1%, and the S&P 500 also rose about 1%.

President Trump hailed the move on Truth Social. "Iran has just announced that the Strait of Iran is fully open and ready for full passage," he wrote in all-caps. "Thank you!" However, he added that the separate US blockade on ships entering and exiting Iranian ports would remain in effect "until such time as our transaction with Iran is 100% complete." He said reaching a final deal should "go very quickly" from here on out.