Oil and European natural gas prices experienced significant declines following Iran's announcement of the reopening of the Strait of Hormuz, which is expected to ease disruptions in global energy markets. Brent crude futures fell 9.1% to settle near $90 per barrel, while West Texas Intermediate dropped to approximately $84. European gas prices also saw a 10% decrease, ending the day near €39 per megawatt-hour. The Strait of Hormuz, a vital waterway for about 20% of the world's oil, is now open for commercial shipping during a 10-day ceasefire between Israel and Hezbollah, according to Iran's Foreign Minister Abbas Araghchi. This development has sparked optimism regarding the resolution of the ongoing US-Iran conflict, which has caused significant disruptions to energy supplies and raised inflation concerns globally. Despite the positive sentiment, analysts warn that the full resumption of oil flows may take several months, contingent on ongoing negotiations regarding Iran's nuclear program. US President Donald Trump stated that Iran has agreed to suspend its nuclear program indefinitely, suggesting that discussions for a more comprehensive agreement could take place soon. However, the situation remains fluid, with Iran's foreign ministry indicating potential actions if US blockades persist.