Shares of European airlines surged on Friday after Iran confirmed that the Strait of Hormuz had been reopened to commercial shipping.
EasyJet (LSE:EZJ) rose 7.1%, Wizz Air (LSE:WIZZ) advanced 7.9%, Lufthansa (TG:LHA) gained 5.8%, and Air France KLM (EU:AF) climbed 8%.
Iranian Foreign Minister Abbas Araghchi said in a post on X that the Strait of Hormuz is now fully accessible to commercial vessels for the remainder of the Lebanon ceasefire. Ships will follow a designated corridor coordinated by the Ports and Maritime Organisation of the Islamic Republic of Iran.
Following the news, WTI crude oil futures dropped around 11%, falling to just above $84 per barrel.
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