Brent crude sinks by a tenth after Iran says the key waterway is open for commercial ships for the rest of the ceasefire.

April 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.

In Europe, stocks surged in response to the news, with major indexes in France and Germany rising more than 2%. However, Asian markets, which closed before the announcement, ended the day lower.

The Strait of Hormuz has remained almost completely closed as the U.S. and Iran have disputed the terms of their ceasefire agreement.

The energy markets are once again on edge given the threat issued by President Trump regarding the blockade of Strait of Hormuz and other Iranian ports. The announcement comes after the US and Iran...

Iran’s move to fully reopen the Strait of Hormuz while Donald Trump keeps Iran’s ships under blockade has left oil and Bitcoin trading the ceasefire headline

Gas prices in Amsterdam fell by nearly 8% after Iranian Foreign Minister Abbas Araghchi said the Strait of Hormuz had been reopened to commercial shipping. The announcement also pushed global prices down by around 10%. On the Amsterdam gas market, prices dropped to just above 39 euros per megawatt hour.

A top Iranian official says the Strait of Hormuz will be "completely open" for the duration of the ceasefire between Israel and Lebanon, a major development that enthused markets.