Stocks closed higher and oil prices dropped after Iranian official declared the Strait of Hormuz "completely open" for commercial traffic during a 10-day ceasefire between Israel and Lebanon. The Dow Jones Industrial Average closed up by 1.7%, while the S&P 500 jumped by a 1.2%. The Iranian Foreign Minister Seyed Abbas Araghchi stated that the passage for all commercial vessels through the strait was in line with the ceasefire in Lebanon. Despite this, oil prices remain more than 30% higher than pre-war levels.