Iranian foreign minister, Seyed Abbas Araghchi, announced that the Strait of Hormuz is open for commercial vessels following a ceasefire in Lebanon and declared it completely open for the remaining period of ceasefire. The price of oil fell sharply, with U.S. crude oil dropping 10% to nearly $85 per barrel and international Brent crude also dropping more than 8% to around $90 per barrel. It is unclear if this decision will result in ships needing to pay a toll to Iran, as some have done in recent weeks. However, President Donald Trump celebrated the news with a post on Truth Social, stating that the Naval blockade will remain in full force until such a point when our transaction with Iran is 100% complete. The news led to a surge in stock indexes across Europe, with the Stoxxx 600 index rising 1.2%, and flagship indexes in France and Germany jumping over 2%.