Oil falls more than 11% after Iran announced the opening of the Strait of Hormuz

Oil prices fell by more than 11 percent today, Friday, continuing their previous losses after the Iranian Foreign Minister said that the Strait of Hormuz is open to all commercial ships throughout the remaining period of the ceasefire, in line with the ceasefire in Lebanon. Brent crude futures fell $11.12, or 11.2 percent, to $88.27 per barrel by 1311 GMT. US West Texas Intermediate crude futures fell $11.40, or 12 percent, to $83.29 per barrel.

UBS analyst Giovanni Stanovo said, “The Iranian Foreign Minister’s statements indicate calm as long as the ceasefire continues, and now we also need to see whether the number of tankers crossing the strait will increase significantly.”