Iran Declares Strait Open, Oil Prices Crash 10%

Oil prices fell sharply today after Iran announced a major shipping lane is fully operational. The price of Brent crude, a global oil benchmark, dropped by 10%. The plunge followed a statement from Iran confirming that the Strait of Hormuz is "completely open" to commercial ships. This key waterway is a vital corridor for about one-fifth of the world's oil supply. The announcement extends access for the remainder of an ongoing ceasefire period in the region. Market analysts say the news eased immediate concerns about potential supply disruptions. When the strait is open, oil can flow freely, increasing supply and typically lowering prices.