The announcement was made by Iran's Foreign Minister Abbas Araghchi, who said the Strait of Hormuz was fully open as part of the ceasefire. Oil futures fell sharply, with WTI and Brent benchmarks falling more than 10% to below $90.

Better things

Iran reopened the Strait of Hormuz, sending Brent futures tumbling 10% to $87.19 and dampening future energy inflation.

Trump Continues CENTCOM Blockade to Calm Markets Until a 100% Complete Deal Secures Iran's Nuclear Assets

With gas above $4 and CPI at 3.3%, Chevron urged savings until the reopened straits next lower prices

Oil prices fall as Iran opens Strait of Hormuz amid ceasefire talks

The oil market remains volatile due to the ongoing Middle East conflict and ceasefire talks between the US and Iran.

Prices fell sharply on Friday after Iran announced the technical closure of the Strait of Hormuz, allowing all shipping to pass through without hindrance, Iranian Foreign Minister Abbas Araghchi announced on social media.

In accordance with the ceasefire in Lebanon, passage through the Strait of Hormuz is declared fully open for all commercial vessels for the remainder of the ceasefire period, as previously announced by the Ports and Maritime Organization of the Islamic Republic of Iran.

These developments sent oil markets into a tailspin, with Brent futures falling more than 10% during the session to $87.19. West Texas Intermediate (WTI) futures saw similar movements, falling to $82.34.

President Trump thanked Iran for reopening the Strait and stated that the #CENTCOM naval blockade against Iran will remain in full effect until our negotiations with Iran are 100% complete. The President also stressed that this process should proceed very quickly as most of the issues have already been discussed.

In a subsequent post, Trump said that all mines in the Strait are being removed by Iranian and US forces and that the US will receive Iran's nuclear stockpile without exchange. According to GasBuddy, this move will ease pressure on the current administration as it could gradually normalize gas prices after reaching more than $4 per gallon. This could cool inflation after the March CPI, boosted by an energy index, reached 3.3%. This week, Chevron's Andy Walz suggested Americans drive less and try to conserve energy to combat the price rise #GAS #Ranjupawan #Write2Earn