President Trump today announced the Strait of Hormuz is fully open and ready for full passage. Meanwhile, he says the U.S. naval blockade on Iranian ports, now in its fifth day, “will remain in full force and effect as it pertains to Iran only, until such time as our transaction with Iran is 100 percent complete.”

Oil prices dropped as Iran reopened the Strait of Hormuz. Commerce Secretary Howard Lutnick gave an optimistic view of U.S. economic growth and signaled potential shifts in U.S. trade policy—from North America to China—that could reshape the broader economic outlook.