Iran agrees to reopen Strait of Hormuz, easing oil price spike

Iran has agreed to allow ships to pass through the Strait of Hormuz again, following a brief closure that disrupted global oil shipments. The U.S. has acknowledged this agreement.

As a result, oil prices, which had spiked above $100 a barrel, have fallen back below that level. The situation had drawn international concern, with Greek Prime Minister Kyriakos Mitsotakis warning that any attempt to charge fees for passage would set a dangerous precedent.