Oil prices plunge after Iran says Hormuz Strait open to shipping

Oil prices fell sharply on Friday after Iranian Foreign Minister Abbas Araqchi said the Strait of Hormuz was open to commercial shipping for the duration of the ceasefire. Brent crude fell $8.46, or 8.5%, to $90.93 a barrel.

The move eased fears of supply disruptions through one of the world’s most important oil transit routes and helped lift broader market sentiment.

Reuters reported that investors took signs of de-escalation in the Middle East as a cue to increase risk appetite.