NEWSFLASH: Iran says Strait of Hormuz open for business

The move, in response to yesterday's Israel-Lebanon ceasefire, immediately sent crude prices down.

Editor’s note:

We’ve seen Hormuz in the headlines every day. This headline is huge, and we’re bringing it to you as it happens.

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The Strait of Hormuz is now “declared completely open” to commercial ships for the remainder of the ceasefire, according to Iran’s foreign minister, Abbas Aragchi. The minister said that the move was in line with the ceasefire between Israel and Lebanon that started one day prior, which is set to last 10 days.

After the paywall:

- How did oil prices respond to Iran’s announcement?

- Is the U.S. blockade in Hormuz still intact?

- Where do both of the ongoing ceasefire agreements come into the picture?