US EditionStocks surge and oil prices plunge after Iran reopens Strait of Hormuz
Brent crude fell more than 10% as traders expected tanker traffic to resume and ease a supply shock, officials said.
- Oil prices dropped more than 10% after Iran's foreign minister announced the Strait of Hormuz would be open to commercial shipping during the ceasefire between Israel and Lebanon.
- West Texas Intermediate crude fell below $85 a barrel, and Brent crude dropped to around $89 a barrel following the announcement.
- The ceasefire started on Thursday and includes Iran-backed Hezbollah, according to President Donald Trump.
- The Strait of Hormuz is a critical oil passage, with about 20% of the world's oil supply crossing it, and it had been effectively closed to commercial shipping due to threats from Iran amidst conflict.
55 Articles
55 Articles
Oil prices fell about 10 percent after Iran announced it would open the Strait of Hormuz during a ceasefire in Lebanon. Analysts said investors were hoping it was the start of a normalization of oil prices, which had soared above $100 since the outbreak of the Iran-Iraq war.
Share markets globally show solid progress as a result of an increase in the chances of seeing an end in the Middle East war, after Iran announced that it will open the Strait of Ormuz during the 10-day ceasefire that will last the deal between Israel and Hezbollah.Particularly on Wall Street the Dow Jones records an increase of 2.12 percent, in the 49,606.09 integers, followed by the Nasdaq rising 1.58 percent, in the 24,481.27 units, and the S…
Dow Jones Rises 900 Points, Oil Falls as Strait of Hormuz Is ‘Completely Open’ - The Thinking Conservative News
U.S. stocks staged a tremendous comeback over the past two weeks after slipping into a correction last month. U.S. stocks rose and crude oil prices fell after the United States and Iran declared the Strait of Hormuz “completely open” for commercial traffic during the ceasefire between Israel and Lebanon. In an April 17 social media […] The post Dow Jones Rises 900 Points, Oil Falls as Strait of Hormuz Is ‘Completely Open’ appeared first on The T…
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