Iran declares Strait of Hormuz fully open during ceasefire, global markets react

Iran's Foreign Minister, Abbas Araghchi, announced on Friday that the strategic Strait of Hormuz is "entirely open" for all commercial vessels for the remainder of the Middle East ceasefire. Araghchi did not specify whether this referred to the ten-day truce between the Israeli army and Hezbollah, which began Thursday evening in Lebanon, or the ceasefire between the United States and Iran, theoretically ending on April 22. US President Donald Trump welcomed Iran's announcement, calling it a key point in negotiations between Tehran and Washington to end the war. Following the news, European stock markets surged, with Paris up 2.01%, Frankfurt 2.23%, Milan 1.67%, and London 0.40%. Oil prices simultaneously plunged, with Brent crude falling 10.42% to $89.03 per barrel and West Texas Intermediate dropping 11.11% to $84.17 per barrel. Meanwhile, Lebanese President Joseph Aoun described direct talks with Israel as "crucial," while Israeli Defense Minister Israel Katz stated that the military operation in Lebanon was "not over." Russia expressed support for the Israel-Lebanon ceasefire, hoping it would lead to lasting agreements. Three Iranian oil tankers, carrying five million barrels of crude oil, exited the Gulf via the Strait of Hormuz on Wednesday, the first since the US blockade on Iranian ports. French President Emmanuel Macron hosted Keir Starmer, Friedrich Merz, and Giorgia Meloni ahead of a videoconference summit with about thirty "non-belligerent" participants to secure t