Iran's Foreign Minister Abbas Araghchi announced today that the Strait of Hormuz is now fully open to all commercial vessels. The declaration ties into the broader ceasefire framework, with passage allowed for the remaining ceasefire period under IRGC coordination. That's a big shift from two weeks ago, when roughly 230 loaded oil tankers were stuck waiting inside the Gulf. But there's a catch.
The ceasefire expires April 21, and nobody knows what happens after that. WTI crude dropped to around $93.74 today on the news, down from nearly $100 earlier this week. Markets clearly pricing in relief, but maybe too fast.