Iran says Strait of Hormuz is open; oil prices fall 10%
by Joe Fisher · UPIApril 17 (UPI) -- Iranian Foreign Minister Seyed Abbas Araghchi says the Strait of Hormuz is open Friday following a cease-fire in Lebanon, while oil prices decline.
The price of Brent crude oil fell by 10% to $89.20 per barrel Friday after again peaking over $100 when the United States began its blockade of the Strait of Hormuz earlier in the week. West Texas Intermediate also fell by 10.5% to $81.50 per barrel.
Oil prices remain elevated over what they were before the United States and Israel launched the war with Iran. Brent crude oil was $73 and U.S. crude was $67 per barrel.
The drop in oil prices and opening of the Strait of Hormuz coincides with Thursday's announcement that Israel and Lebanon have agreed to a cease-fire.
"In line with the cease-fire in Lebanon, the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of cease-fire," Araghchi wrote on social media.
Vessels seeking passage through the Strait of Hormuz must use a coordinated route directed by Iran's maritime authorities, Araghchi said.
U.S. stock markets posted gains on Friday morning, with the Dow up about 1.54% and the S&P 500 up 0.9%. The Nasdaq Composite has posted 12-consecutive days of gains.
This week in Washington
Secretary of Health and Human Services Robert F. Kennedy, Jr. speaks during a House Appropriations Subcommittee on Labor, Health and Human Services, Education, and Related Agencies hearing on the budget for the Department of Health and Human Services in the Rayburn House Office Building near the U.S. Capitol on Thursday. Photo by Bonnie Cash/UPI | License Photo