Oil prices plunged after Iran announced the Strait of Hormuz would be fully open for commercial shipping, a move echoed by President Donald Trump who said the chokepoint was “ready for business.” Brent crude slid more than 11% to around $88 a barrel, its lowest level in five weeks, while European gas fell 10%. In global markets this week.

Wall Street rallied, with the S&P 500 up 1.2% and on track for a third consecutive weekly gain, adding more than 9% to April’s tally as investors priced in a possible de‑escalation. Satellite tracking showed at least 25 vessels—including three CMA CGM container ships, four Greek tankers and several Chinese carriers—heading toward the waterway that previously moved roughly one‑fifth of global oil.

The reopening follows a fragile two‑week cease‑fire that expires Tuesday night and comes after the United States pressed Israel to pause its Lebanon offensive, a precondition Iran set for vessel passage. Tehran still insists on IRGC clearance for each ship, while Trump maintains a naval blockade until a broader settlement—still hampered by disputes over Iran’s enriched uranium stockpile and sanctions relief—materialises.