The strait, through which roughly one-fifth of the world's oil normally passes, has become perhaps Iran's most powerful weapon in the conflict. Oil prices plunged after Iran's initial reopening announcement, with Brent crude falling over 9% to settle at $90.38 per barrel. French President Emmanuel Macron and British Prime Minister Keir Starmer called for the “unconditional, unrestricted, and immediate re-opening” of the strait, as Pakistan continues efforts to broker a second round of negotiations early next week.

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