Oil prices plummeted more than 10% on Friday after Iran's foreign minister said that the Strait of Hormuz will be open to all commercial shipping traffic for the duration of the ceasefire between Israel and Lebanon.Prices for West Texas Intermediate crude fell over 10% to under $85 a barrel, while Brent crude oil prices dropped more than 10% to around $89 a barrel.The plunge in oil prices comes after Iranian Foreign Minister Abbas Araghchi said the Strait of Hormuz was open for all commercial vessels for the remainder of the 10-day ceasefire between Israel and Lebanon. The ceasefire began on T...
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