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President Trump welcomed the announcement, but U.S. officials said the naval blockade on vessels leaving from and going to Iranian ports remains in effect.
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But analysts said it was not clear how quickly the oil industry in the Persian Gulf would be able to get back to normal.
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U.S. inflation is going to get worse before it gets better, but price increases tied to the Iran war could start to evaporate during the summer and open the door for the Federal Reserve to cut interest rates again.
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Oil prices were plunging on Friday morning after Iran's foreign minister said the Strait of Hormuz is declared open for the passage of all commercial vessels for the remaining period of the cease-fire.
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Friday's statements raised investors' hopes that oil and gas would start moving out of the Persian Gulf in significant volumes again.
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Israel and Lebanon ceasefire in effect as Trump says 'very close' to deal with Iran BBCLive updates: Fragile ceasefire in Lebanon as Trump voices confidence in Iran deal CNNAP News in Brief at 12:04 a.m. EDT 10tv.com10-day ceasefire agreed on by Israel and Lebanon goes into effect AP NewsLive Updates: Israel's ceasefir
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Asian stocks lower and oil falls after Wall Street sets another record on ceasefire hopes AP NewsAsia markets mostly fall as fragile Middle East ceasefire tempers sentiment CNBCAsian Stocks Advance on U.S.-Iran Deal Hopes WSJJapanese stocks hit new high as AI boosts tech heavy Asian markets Nikkei Asia
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China steps up Iran diplomacy while seeking smooth summit with Trump ReutersWhy China Isn't Pushing Iran to Accept U.S. Demands to End War The New York TimesThe Iran War Is a Win for China Foreign AffairsThe Iran war is not about China Atlantic CouncilHow China Is Positioning Itself Ahead of the Trump-Xi Summit The Diplomat - Asia-Pacific
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Also in today's newsletter: Israel agrees to ceasefire in Lebanon, and Netflix founder to step down from board
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Airlines have raised airfare, fuel surcharges and baggage fees this year to help cover a surge in fuel costs since the Iran war started on Feb. 28.
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Exports and fiscal stimulus offset a still weak domestic economy in the first quarter
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China's export growth slowed in March as manufacturers grappled with surging energy costs, with the Iran war disrupting supplies, while imports jumped more than expected.
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The gauge released Thursday offers the Federal Reserve a snapshot of conditions leading into the Iran war.
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The airline's strategy involves three key moves to offset the Iran war-driven fuel spike, and CEO Ed Bastian says it's already working.
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