Oil prices drop to $90 and stock markets rally following Iranian official's Strait of Hormuz announcement

Oil prices declined to $90 per barrel while global stock markets experienced significant gains after a senior Iranian official declared the Strait of Hormuz fully accessible to commercial shipping. This announcement coincided with a ceasefire between Israel and Lebanon. The strategic waterway's reopening eased concerns about regional supply disruptions that had previously driven energy costs higher. Market reactions were immediate, with financial indices climbing as geopolitical tensions appeared to moderate. The development marked a shift from earlier volatility in commodity markets linked to Middle Eastern conflicts.