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Brent crude sinks 10% after Iran says the key waterway is completely open for commercial ships for the rest of the ceasefire.
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The Strait of Hormuz has remained almost completely closed as the U.S. and Iran have disputed the terms of their ceasefire agreement.
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The halt to weeks of fighting is being celebrated in Lebanon, but it will be difficult to ensure it lasts.
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The pause in fighting would remove a major hindrance to the U.S.-Iran peace talks, if it holds.
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The BBC spoke to residents in Social Circle, Georgia, where the Department of Homeland Security plans to transform an empty warehouse into a 10,000 bed detention centre.
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