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President Trump welcomed the announcement, but U.S. officials said the naval blockade on vessels leaving from and going to Iranian ports remains in effect.
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But analysts said it was not clear how quickly the oil industry in the Persian Gulf would be able to get back to normal.
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U.S. inflation is going to get worse before it gets better, but price increases tied to the Iran war could start to evaporate during the summer and open the door for the Federal Reserve to cut interest rates again.
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Oil prices were plunging on Friday morning after Iran's foreign minister said the Strait of Hormuz is declared open for the passage of all commercial vessels for the remaining period of the cease-fire.
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Friday's statements raised investors' hopes that oil and gas would start moving out of the Persian Gulf in significant volumes again.
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