On Friday, Iran's Foreign Minister announced that the Strait of Hormuz had been reopened to commercial vessels, coinciding with the Israel-Lebanon ceasefire. The announcement occurred after markets had closed for the weekend in Australia and Singapore, but before they had closed in Europe or the United States. While Iran states the strait is fully operational for commercial traffic, vessels must use Iranian-designated routes and obtain permission from Iranian authorities. The US naval blockade of Iranian ports remains in place. Markets reacted strongly to the news, with oil prices falling sharply and stock indices reaching record highs.
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