Strait of Hormuz Reopens as US-Iran Deal Takes Effect

A significant stream of stranded oil is being released from the Strait of Hormuz as an agreement between the US and Iran takes effect. This marks a major step in unwinding the impact on global energy markets from the near-closure of the waterway, which carries a fifth of the world's oil and natural gas.

Ships carrying nearly 10 million barrels of oil have either emerged outside the strait or are sailing through it. Kuwait has announced that it will start ramping up production as well.

The US-Iran interim peace deal has sparked a flurry of activity, with Middle East flows already approaching pre-war levels. However, it's unclear if this surge in volumes can be sustained over time.