Oil Prices Drop by About 10% After Announcement of Strait of Hormuz Reopening

Brent crude and U.S. crude fell by around 10% on Friday following the Iranian foreign minister’s announcement that the Strait of Hormuz has been reopened to all commercial vessels.

اضافة اعلان

Brent crude dropped to $91 per barrel for the first time since March 11 after the announcement.

Iranian Foreign Minister Abbas Araghchi had earlier announced on Friday the full reopening of the Strait of Hormuz to all commercial ships for the remainder of the ceasefire period in Lebanon.

Araghchi stated: “In line with the ceasefire in Lebanon, we announce that the Strait of Hormuz is fully open to all commercial vessels for the remaining duration of the ceasefire.”

He added: “The passage of ships through the Strait of Hormuz will follow the coordinated route as already announced by the Iranian Ports and Maritime Organization.”