Oil prices have sharply declined following Iran's announcement that the Strait of Hormuz is 'completely open.' This development coincides with a record-setting rally in the stock market, indicating a possible easing of tensions in the region.
Despite the reopening, former President Trump has stated that a blockade on Iranian ships and ports will continue, suggesting that geopolitical tensions remain high. The situation is evolving as the US-Iran conflict continues to unfold, keeping global markets on edge.