Iran reopens Strait of Hormuz

The reopening of the Strait of Hormuz marks a significant de-escalation in the Middle East conflict, triggering a sharp decline in global oil prices and record gains on Wall Street.

However, the situation remains precarious as Tehran warns it may close the waterway again if the U.S. blockade continues.

Shipping companies are exercising caution due to lingering concerns over naval mines and new Iranian transit regulations.

Negotiators are now racing to finalize a long-term deal that could involve the transfer of Iran's enriched uranium stockpile to the United States.