Iran announces full opening of Strait of Hormuz; US stocks open higher, oil crashes 10%

(Central News Agency, New York, 17th, Comprehensive Foreign Report) Iran announced that the Strait of Hormuz will be fully open to commercial oil tankers and cargo ships during the ceasefire. US stocks opened higher today in response, and international oil prices plummeted by 10%.

Iranian Foreign Minister Abbas Araghchi posted on the social media platform X: "In coordination with the Lebanon ceasefire, navigation through the Strait of Hormuz will be fully open for all commercial vessels during the remaining period of the ceasefire, following the coordinated routes previously announced by Iran's Ports and Maritime Organization."

Agence France-Presse (AFP) reported that about 20 minutes after the US market opened, the Dow Jones Industrial Average rose 1.2% to 49,144.70 points. The S&P 500 index rose 0.6% to 7,085.42 points, and the tech-heavy Nasdaq Composite Index jumped 0.9% to 24,312.25 points.

Following Araghchi's announcement of the full opening of the Strait of Hormuz, Brent crude futures plunged 10% to $89.11 per barrel. US West Texas Intermediate (WTI) crude futures also plummeted 11% to $84.11 per barrel.