Traffic through the Strait of Hormuz was picking up this morning after Iran's foreign minister said the key waterway is open once again to coincide with a ceasefire in Lebanon.
Abbas Araghchi said vessels will have access for the duration of Israel's 10-day truce with Hezbollah, though Donald Trump previously claimed Iran would keep the strait open permanently.
We will have to wait and watch the situation. If the traffic picks up soon, it will be better for shipping movements and improvement in oil supplys.
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