Iran has declared the Strait of Hormuz open for commercial vessels, coinciding with a 10-day truce between Israel and Hezbollah. Iranian Foreign Minister Abbas Araghchi stated the strait is accessible for all commercial ships for the remainder of the U.S.-brokered ceasefire.
This development led to an 11% drop in oil prices, with global stocks surging. However, major shipping companies expressed caution, requiring further clarification and assessment before resuming normal transit through the vital waterway, which typically handles a fifth of global oil.
Meanwhile, U.S. President Donald Trump indicated optimism for a deal to end the Iran war, stating he expects it "soon." Despite this, Trump confirmed the U.S. military blockade of ships sailing to Iranian ports remains in effect until "our transaction with Iran is 100 percent complete."
Backdoor diplomacy is reportedly progressing, with mediators suggesting an upcoming meeting could lead to a memorandum of understanding, followed by a comprehensive deal within 60 days. Key sticking points, including Iran's nuclear ambitions and the lifting of sanctions, are still being negotiated.
The ceasefire in Lebanon appears largely stable, despite some reported violations. The conflict, which reignited in March, has resulted in thousands of casualties and significant regional destabilization.