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just in the race. You're built to win it. Iran says the Strait of Hormuz is open. Markets are

rallying. For Marketplace, I'm Novosafo. Good morning.

Iran's foreign minister says the Strait of Hormuz, the key waterway that's been

shut down during the war, is open for all commercial vessels as a ceasefire continues to hold.

Markets are welcoming the news. Oil prices are falling and stack stocks rallying.

I'm joined by Christopher Lowe.

He's chief economist at FHN Financial in New York.

Good morning.

Good morning.

So Iran says the strait is open during a temporary ceasefire.

Hundreds of vessels have been trapped in the strait, including oil tankers.

How much can this development turn things around for the global economy?

So to put it into perspective, particularly in parts of Asia and Europe, without access to

Persian Gulf oil, for example, airlines have warned if by the end of the week they didn't

get crude coming into Europe, there would not be enough jet fuel to serve the market in the

summer. They would have to cancel flights. In Korea and the Philippines, the government has been

...