Oil prices were already falling on expectations of a negotiated end to the conflict, and the decline intensified on Friday, sending stocks higher as traders’ optimism.
Late Friday, the US issued another waiver allowing the sale of Russian oil and petroleum products already at sea, which is likely to further soften oil prices as supplies surge.
The ceasefire in Lebanon and the reopening of the strait marked significant progress in Washington’s push for a comprehensive deal with Iran to end its war, after Tehran insisted that a halt to the Lebanon fighting must be part of any deal.
In Lebanon, displaced families used a 10-day ceasefire to return to homes in bomb-damaged south Beirut and the war-torn south.
“Our emotions are indescribable, of pride and victory,” Amani Atrash, 37, told AFP. He said he hoped the ceasefire would be extended.
Trump said Washington had “deterred” Israel from carrying out further attacks.