Oil Prices Crash as Iran Reopens Strait of Hormuz

The announcement was made by Iran’s Foreign Minister Abbas Araghchi, who specified that as part of the ceasefire, the Strait of Hormuz was “completely open.” Oil futures plummeted, with the WTI and Brent benchmarks falling over 10%, reaching below $90. Key Takeaways: Iran reopened the Strait of Hormuz, crashing Brent futures 10% to $87.19 and […]