Oil prices plunge 10% after Iran says Strait of Hormuz is open for commercial vessels

The price of oil plunged sharply and U.S. stock indexes opened at new all-time highs after the Iranian foreign minister said that the Strait of Hormuz was open for commercial vessels."In line with the ceasefire in Lebanon, the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire, on the coordinated route as already announced by Ports and Maritime Organisation of the Islamic Rep.

The price of oil plunged sharply and U.S. stock indexes opened at new all-time highs after the Iranian foreign minister said that the Strait of Hormuz was open for commercial vessels.

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"In line with the ceasefire in Lebanon, the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire, on the coordinated route as already announced by Ports and Maritime Organisation of the Islamic Rep. of Iran," Seyed Abbas Araghchi wrote in a post on X.

U.S. crude oil plunged 12% to nearly $83 per barrel, while international Brent crude also slid more than 11% to around $88 per barrel.