Business

Oil Prices Dive as Iran Declares Strait of Hormuz 'Open'

BBC Business

Oil prices dropped sharply after Iran stated the Strait of Hormuz is open for commercial traffic during the ceasefire in the US-Israel conflict.

Oil prices plummet to $88 per barrel after Iran's announcement.

Strait of Hormuz vital for global oil transport, carrying 20% of world's oil.

Global markets rally as optimism rises over oil supply.

Safety concerns linger despite Iran's claim of open shipping lanes.

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