India's National Security Advisor Ajit Doval has described the reopening of the Strait of Hormuz as a "welcome move" for regional energy security, speaking at the BRICS conclave.

His comments underscore a growing consensus among major economies that the critical waterway is no longer under threat, following a brief period of heightened tension earlier in the week.

The diplomatic endorsement comes as maritime traffic through the strait has returned to normal levels.

Despite Tehran's weekend declaration that the waterway had been closed to shipping, vessel movements continued robustly on Monday.

US Vice President JD Vance also confirmed the strait is open, citing a newly reached agreement between the United States and Iran that marks a significant de-escalation in the standoff.

Markets have reacted swiftly to the easing of geopolitical risk.