Iran has added Spain to the list of nations allowed to transit the Strait of Hormuz

The inclusion of Spain in the list of countries allowed to transit the Strait of Hormuz signifies a potential easing of tensions and could enhance maritime trade through this critical passage. This move may have positive implications for energy supplies, likely stabilizing WTI prices in the near term and reflecting a broader thaw in diplomatic relations. Traders should keep an eye on market responses, particularly within energy sectors and FX related to the region.