The Strait of Hormuz to re-open. Now what?

After weeks of intense diplomatic maneuvering, Iran and the U.S. have agreed to reduce hostilities and reopen the Strait of Hormuz, a critical global shipping route. This agreement, expected to be formalized in Switzerland, already shows its impact with Brent crude oil prices dropping to $79 per barrel—a level not seen since before the conflict began. This development holds significant implications for global oil markets and geopolitical tensions, potentially easing supply chain disruptions and lowering energy costs worldwide.