Oil plunges 10% as Iran says Hormuz passage open
Oil prices plunged Friday after Iran’s Foreign Minister Abbas Araghchi said the vital Strait of Hormuz was “completely open” for commercial tankers and cargo ships during the US-Iran ceasefire.
International benchmark Brent North Sea crude plunged 10 percent to $89.11 a barrel, after earlier falling five percent on US-Iran peace deal hopes.
The main US contract, West Texas Intermediate, shed 11 percent to $84.11 a barrel.
AFP
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