Oil prices plunge as Iran says Strait 'open'

Oil prices plunged sharply on Thursday as Iran announced that the strategic Strait of Hormuz, a key waterway through which a significant portion of the world's oil supply passes, will remain open for commercial ships throughout the ongoing ceasefire. The news sent Brent crude prices tumbling by nearly 10% in a single day, sparking concerns among investors about the potential for a return to normalcy in global oil markets. The Strait of Hormuz has been a focal point of tensions between Iran and the West, particularly the US, in recent years, and its closure had previously contributed to significant price increases. As the global economy continues to grapple with the aftermath of the pandemic and ongoing supply chain disruptions, the sudden drop in oil prices may have far-reaching implications for the energy industry and the broader economy.

Brent crude sinks by a tenth after Iran says the key waterway is open for commercial ships for the rest of the ceasefire.