Iran Reopens Strait of Hormuz Under Temporary Ceasefire, Oil Prices Drop
Oil prices fell sharply in early Asian trade after the U.S. and Iran agreed to a two-week ceasefire. Iran announced it would allow ships to pass safely through the Strait of Hormuz, a critical route for global oil trade, as part of the truce. Iranian Foreign Minister Abbas Araghchi confirmed the safe passage, while the Supreme National Security Council emphasized that the ceasefire does not signify the end of the conflict. The U.S. crude benchmark West Texas Intermediate dropped 16.56% to $96.39 per barrel, and Brent crude fell 15.89% to $93.38. The announcement by President Trump to suspend attacks on Iran contingent upon the reopening of the Strait of Hormuz led to a surge in equities, with Japan's Nikkei 225 and South Korea's Kospi experiencing significant gains. 
