Iran agreed to reopen the Strait of Hormuz, the critical waterway through which about a fifth of the world's oil transits, following the announcement of a 10-day ceasefire between Israel and Lebanon. • "In line with the ceasefire in Lebanon, the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire, on the coordinated route as already announced by Ports and Maritime Organisation of the Islamic Rep.