Iran has announced the Strait of Hormuz is now completely open to commercial traffic, marking a dramatic turn in the war with the United States and Israel.
The declaration landed overnight and sent Brent crude tumbling from near one hundred dollars as tankers prepared to resume transit.
For more than six weeks the IRGC had choked off the waterway, sending roughly twenty per cent of global oil supply into chaos and tanker insurance premiums soaring.
Tehran framed the move as goodwill ahead of fresh talks.
Washington will treat it as capitulation under blockade pressure.
Either way, the energy shock phase of this war appears to be ending.
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