The Strait of Hormuz is now open. In a social media post Friday morning, Iran’s Foreign Minister wrote that Iran will be letting ships through the vital waterway for the duration of a 10-day ceasefire in Lebanon. Oil prices fell, and President Trump celebrated. But Iran’s announcement came with a big caveat: Travel must use a “coordinated route,” specified by Iran.

On today’s Big Take, host David Gura and Bloomberg’s Middle East breaking news editor, Patrick Sykes, talk through Iran’s dramatic reversal, how open the Strait of Hormuz really is — and how long the latest ceasefire might hold.

This is a developing story. We are live blogging at Bloomberg.com with the latest from across the globe.

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Hosted by David Gura; Produced by Rachael Lewis-Krisky and David Fox; Reported by Patrick Sykes; Edited by Tracey Samuelson.

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