US Vice President J.D. Vance announced the reopening of the Strait of Hormuz following the signing of a US-Iran memorandum. Over 12.5 million barrels of oil have reportedly transited the crucial waterway since the agreement. A 60-day ceasefire, negotiated alongside the reopening, commenced on Thursday, according to Vance. The agreement aims to de-escalate tensions in the region and ensure continued oil flow. This development marks a significant shift after a period of heightened maritime security concerns. The memorandum’s details remain limited, but its initial impact is the resumption of oil transport through the vital shipping lane. Further developments are expected as the 60-day ceasefire progresses.