Oil prices plunged on Friday after Iran’s foreign minister said the Strait of Hormuz was fully open to commercial traffic for the remainder of the 10-day ceasefire between Israel and Lebanon and President Trump said Iran had agreed to indefinitely suspend its nuclear program.
Futures on Brent crude, the international pricing benchmark, fell as much as 11% to trade below $89 per barrel before paring losses, while those on US benchmark West Texas Intermediate (WTI) crude fell by as much as 11.1% to trade at $81 before regaining. Both products opened the week above $100.
