May be light at the end of the tunnel? President Trump said the U.S.’s naval blockade on Iranian ports would “remain in full force” after Iran’s foreign minister said the Strait of Hormuz is “completely open” to commercial vessels, prompting uncertainty for shippers in the region. Oil plunged and stocks jumped after Iranian Foreign Minister Abbas Araghchi’s announcement on X.

The comments came as a newly struck cease-fire between Israel and Lebanon appeared to be holding on its first day. The 10-day truce began at midnight local time after weeks of fighting between the Israeli military and the Iran-backed Lebanese militant group Hezbollah. There is much devil in the details here, and the outlines of the peace deal that’s being floated right now will leave a lot of spoilers unhappy, but not war is generally preferable to war. That said there’s plenty of rumint about what exactly everyone is agreeing to.