In a statement shared through X on Friday afternoon, the Minister for Foreign Affairs of Iran, Abbas Araghchi, announced that the Strait of Hormuz is “completely open” in line with the ceasefire in Lebanon.
Global equity and energy markets immediately reacted to the news.
At the time of writing, the US benchmark WTI has dropped more than 12% to roughly $82 per barrel while Brent crude is down 10% at around $88 per barrel.
US President Donald Trump also welcomed the announcement while reiterating that the US naval blockade of Iranian ports “will remain in full force and effect” until negotiations with Iran are complete.
Link: https://sg.finance.yahoo.com/news/oil-prices-drop-over-10-141942752.html