Oil prices plunge as Iran says Strait 'open'

Oil prices have plummeted after Iran said the Strait of Hormuz would be "completely open" to commercial ships for the remainder of the ceasefire. The cost of a barrel of Brent crude fell to $88 dollars a barrel, having been above $98 earlier on Friday. The Strait of Hormuz is a narrow strip of water linking the Gulf to the Arabian sea, through whic...

Oil prices have plummeted after Iran said the Strait of Hormuz would be "completely open" to commercial ships for the remainder of the ceasefire.

The cost of a barrel of Brent crude fell to $88 dollars a barrel, having been above $98 earlier on Friday.

The Strait of Hormuz is a narrow strip of water linking the Gulf to the Arabian sea, through which a fifth of the world's oil and liquified natural gas is typically transported.

"The passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire," Iranian Foreign Minister Abbas Araghchi said.