A decisive win for Turkey’s main opposition party in a re-run of a mayoral election in Istanbul this weekend has dealt a big political blow to President Recep Tayyip Erdogan and prompted hopes for economic and political change.

Ekrem Imamoglu, the candidate for the main opposition Republican People’s Party (CHP), won 54% of the vote, Turkey’s Anadolu news agency reported, while Binali Yildirim, the candidate for Erdogan’s ruling Justice and Development Party (AKP), received around 45% of the vote.

Investors have reacted positively to the election result with the Turkish lira strengthening to 5.7333 against the dollar Monday, up from a close of 5.8140 Friday. Turkey’s BIST 100 stock index was trading higher around 2% Monday with Turkish banks the top gainers on the index.

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Matt Bracken breaks down the military and political drama playing out in the Gulf of Oman near the strategic Straight of Hormuz.

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