Pledges to reopen the Strait of Hormuz will support U.S.-Iran diplomatic momentum and reduce near-term escalation risks, but shipping activity will recover only gradually amid persistent tensions, with a continued risk of disruption until a durable agreement is reached. On April 17, Iranian Foreign Minister Abbas Araghchi declared that the Strait of Hormuz was "completely open" as part of the ongoing U.S.-Iran ceasefire , sparking a market rally and a plunge in global oil prices. However, Iranian sources later clarified that Iran would only allow ships belonging to non-hostile nations to transit the strait along preapproved routes in coordination with the Islamic Revolutionary Guard Corps (IRGC), with many ships turning back after attempts to cross the same day.