Crude Oil Prices Plummet as Iran Declares Strait of Hormuz 'Open' During Ceasefire
Brent crude oil prices drop over 10% as Iran announces the Strait of Hormuz, a critical global trade chokepoint, is fully open to commercial ships during the ceasefire period.
Crude oil prices have plunged after Iran declared that the Strait of Hormuz, a vital global trade chokepoint, is fully open to commercial ships during the ongoing ceasefire.
Brent crude, the global benchmark, sank over 10% on the news, falling to around $95 per barrel. This sharp price drop comes as a surprise to many analysts who had expected continued supply disruptions and geopolitical tensions to keep oil prices elevated.
The Strait of Hormuz, located between Iran and the Arabian Peninsula, is one of the world's most critical energy chokepoints. Roughly a third of the world's seaborne-traded crude oil passes through this narrow waterway, making it a flashpoint for geopolitical conflicts.
In a statement, Iran's Oil Ministry said the Strait is now
Source: BBC News
