Vance has confirmed that the Strait of Hormuz is open to shipping, citing a newly reached agreement between the United States and Iran.
The statement marks a significant de-escalation in tensions that have disrupted global energy flows and freight routes for months.
The confirmation follows reports from multiple wire services that a draft deal includes the immediate reopening of the chokepoint and a temporary lifting of oil sanctions against Tehran.
Mediators have also verified that Washington and Tehran have established direct communication lines to ensure the strait remains open, with commitments to end ongoing hostilities.
For markets, the development removes a key risk premium that has supported oil prices and freight rates.
Traders are likely to see a repricing of energy assets as the immediate threat of a blockade recedes.