US oil prices crash to $83/barrel as Iran officially reopens the Strait of Hormuz for the remainder of the ceasefire.
Iran’s Foreign Minister Seyed Abbas Araghchi posted on X, “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, on the coordinated route as already announced by Ports and Maritime Organisation of the Islamic Rep. of Iran”.
At the time of press, Western Texas Immediate (WTI) was down by $5.69 or 6 percent at $89 per barrel while Brent was down by $5.18 or 5.2 percent at $94.21 per barrel.
At 7:40 PM (Pakistan Standard Time), oil prices fell under $80 to $79.4 per barrel.
This crash comes after Iran a few moments ago opened the Strait of Hormuz for all commercial vessels until the duration of the recently established ceasefire arrangement between Lebanon and Israel.
A few moments ago, US President Donald Trump also posted on Truth Social, “Iran has just announced that the Strait of Iran is fully open and ready for full passage”.
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Something is better than nothing. But the oil price crush may flip when the ceasefire ends. A more enduring stability is key for steady oil prices that enable economic recovery. But true peace for Iran and the Gulf is even more important !
It was Already open. Only us and israel were banned