Oil prices fall nearly 10% after announcement that Strait of Hormuz is open

Oil ‌prices plunged by about 9% on Friday ​after Iran’s foreign minister said ⁠that the passage for ​all commercial vessels ​through the Strait of Hormuz was open for the ​remaining ceasefire period, Reuters writes.

Brent ⁠crude futures dropped by $8.46, or 8.5%, to $90.93 a barrel at 1300 ​GMT. ​U.S. ⁠West Texas Intermediate crude futures fell $8.87, ​or 9.4%, to $85.82 ​a ⁠barrel.

Iran’s Foreign Minister Abbas Araghchi stated that “in line with the ceasefire in Lebanon, the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire.”