Iran declares Strait of Hormuz open for duration of ceasefire, oil prices plunge – National

Iran’s foreign minister said on Friday that passage for all commercial vessels through the Strait of Hormuz is declared completely open for the remaining period of ceasefire, in line with the ceasefire in Lebanon.

The passage of vessels through the strait will be on the coordinated route as already announced by Ports and Maritime Organisation of Iran, Abbas Araqchi added in a post on X.
Oil prices plunged by about nine per cent on Friday, extending previous losses, after Iran’s announcement.

The price for Brent crude – the international benchmark for oil – dropped by $8.46, or 8.5 per cent, to $90.93 a barrel while U.S. West Texas Intermediate crude fell $8.87, or 9.4 per cent, to $85.82 a barrel.