President Donald Trump announced a joint control agreement with Iran to reopen the Strait of Hormuz. This development follows a weeks-long conflict that shuttered the critical waterway.
The closure disrupted nearly one-fifth of the global oil supply. Brent crude prices surged past $100 per barrel as energy markets entered turmoil.
The International Energy Agency labeled the event the largest-ever disruption to global energy supplies. Tensions escalated after Israeli forces targeted Iranian energy infrastructure and Tehran imposed vessel transit fees.
Gulf producers curtailed output as the supply shock threatened markets from Asia to Europe. A verified reopening of the shipping lane would immediately impact energy prices and global economic stability.