In a significant development, Iran has declared the Strait of Hormuz completely open to commercial traffic during the ongoing ceasefire between Israel and Lebanon. This announcement has led to a sharp decline in oil prices, with reports indicating a drop of almost 10% as the market reacts to the news. Both Iranian and U.S. officials have confirmed that the strait is fully accessible for vessels, boosting hopes for peace in the region. However, U.S. President Trump has stated that the naval blockade will remain in effect until a comprehensive deal is reached. Wall Street has responded positively, with stock futures rising amidst this newfound stability in shipping routes.