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Oil Prices Plummet as Iran Opens Strait of Hormuz Amid Ceasefire

KVIA••CNN Newsource
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Oil prices experienced a significant decline on Friday, with Brent crude dropping 10.8% to $88.70 per barrel and WTI falling 11% to $81.20 per barrel. This drop follows the announcement from Iranian Foreign Minister Seyed Abbas Araghchi that the Strait of Hormuz will be fully open for commercial shipping during the ongoing ceasefire between Israel and Lebanon, which is set to last for 10 days. The news prompted a rally in US stock futures, with the Dow rising by 560 points. Despite the decrease, oil prices remain above pre-war levels of $73 for Brent and $67 for WTI. This situation is crucial as the Strait of Hormuz is a vital global shipping route.

Key Details: • Brent crude fell to $88.70 and WTI to $81.20 per barrel. • The ceasefire between Israel and Lebanon lasts for 10 days. • Dow futures increased by 560 points, marking a significant stock market response. • Oil prices are still above pre-war levels of $73 (Brent) and $67 (WTI).

oil iran ceasefire stock-market strat-of-hormuz

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Donald TrumpStrait of HormuzSeyed Abbas Araghchi

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