Oil prices fell markedly following the announcement that the Strait of Hormuz has been reopened.
According to details, US crude dropped by 10.58 per cent, declining from $93.61 to $84.70 per barrel. British crude also recorded a 10 per cent fall, easing from $98.33 to $88.87.
US President Donald Trump, in a statement on social media, said Iran had announced that the Strait of Hormuz had been fully reopened and was ready for all forms of traffic, adding his thanks.
It may be recalled that Iran’s Foreign Minister Abbas Araghchi had earlier stated that, following a ceasefire in Lebanon, the Strait of Hormuz was being opened for commercial vessels and would remain fully operational during the remaining days of the ceasefire. Routes for commercial shipping had already been identified.
Shortly before this, Reuters reported that Pakistan’s oil vessel ‘Shalamar’ had departed the United Arab Emirates carrying 80 million litres of oil, passed through the Strait of Hormuz, and was en route to Karachi, where it is expected to reach port within two days.
