Oil prices dropped sharply and US stocks surged Friday after the Iranian foreign minister said the Strait of Hormuz will be “completely open” for commercial transit during the remainder of the ceasefire.
Brent crude, the global benchmark, fell 13%, to $86.30 per barrel. WTI, the US benchmark, also sank 13% to $79.20 per barrel. Oil prices traded at their lowest levels since the first week of March.
“In line with the ceasefire in Lebanon, the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire,” Iranian Foreign Minister Seyed Abbas Araghchi wrote in a post on