Iran's foreign minister announced that the Strait of Hormuz is open for the passage of vessels during the ongoing ceasefire, a move that has led to a significant drop in oil prices. The reopening of this crucial waterway for commercial traffic has been confirmed by both Trump and Iranian officials, signaling potential stability in oil supply.
The announcement comes as tensions in the region ease, allowing for smoother maritime operations. As a result, traders are reacting swiftly to the news, contributing to the plunge in oil prices today.