European Stocks Surge as Iran Reopens Strait of Hormuz for Commercial Shipping

Amran: European stocks closed higher on Friday following Iran's announcement of opening the Strait of Hormuz: European stocks experienced a significant uptick with the pan-European STOXX 600 index rising 1.56% to 626.58 points. Germany's DAX index climbed 2.25% reaching 24,698.94 points, showing strong market confidence. According to Yemen News Agency, France's CAC 40 index gained 1.97% to touch 8,425.13 points, and the UK's FTSE 100 index also rose 0.73% to 10,667.63 points. The positive market movements came in the wake of Iran's decision to allow commercial ships passage through the Strait of Hormuz. Earlier, Iranian Foreign Minister Abbas Araqchi announced this development, stating that the decision aligns with the ongoing ceasefire in Lebanon. Araqchi emphasized that the route for commercial ships would be coordinated and pre-announced by the Ports and Maritime Authority of Iran. This announcement followed reports from Thursday evening where US President Donald Trump declared a ten-day ceasefire in Le banon, which has apparently paved the way for increased maritime activity in the region.