Global oil prices dropped significantly after Iran declared that the Strait of Hormuz would be “completely open” to commercial vessels for the duration of the ceasefire. The announcement pushed Brent crude prices down to around $88 per barrel, after earlier trading above $98. The Strait of Hormuz is a critical global energy route, carrying roughly a fifth of the world’s oil and liquefied natural gas, making its accessibility vital for markets. US President Donald Trump welcomed the move, while global stock markets responded positively. Major US indices, including the S&P 500, Nasdaq, and Dow Jones Industrial Average, all posted gains, with European markets also closing higher. Despite the optimism, shipping and maritime organisations remain cautious. BIMCO warned that safety risks, including possible mine threats, have not been fully resolved, advising some vessels to avoid the area. The International Maritime Organization is also seeking further clarity on the situation, as uncertainty continues over the long-term security of one of the world’s most important trade routes.