Donald Trump took to social media to celebrate Iran's unexpected decision to reopen the Strait of Hormuz, a key passage for global oil transport. Iranian Foreign Minister Abbas Araghchi announced that the strait is now 'completely open' for the duration of the ceasefire, which led to a dramatic drop in oil prices. Following the announcement, the price of Brent crude fell to below $90 per barrel, down from $98 earlier in the day. This significant decline offers relief to a global economy struggling with high energy costs, which had surged since the onset of conflict in February. Prior to the conflict, Brent crude was priced under $70 but had peaked at $119. Trump emphasized that while the strait is open, the U.S. naval blockade against Iran will remain in effect until negotiations are fully resolved. The reopening of the strait comes shortly after the U.S. imposed a naval blockade in response to Iran's previous closure of the passage following a U.S.-Israeli strike on Iranian targets. Araghchi confirmed that the reopening is linked to the ongoing ceasefire in Lebanon, allowing for commercial vessels to pass through the strait.