The announcement shifted the tone of a tense week. Investors responded quickly, sending stocks higher while oil, the dollar and Treasury yields moved lower. The prospect of a de-escalation in the Gulf eased fears of a further energy shock, although Iranian officials said no final decision had been made.

The story remains fragile because it rests on diplomacy that has not yet produced a completed agreement. Still, the market reaction shows how central the Strait of Hormuz has become to global inflation, shipping costs and investor confidence.