Brent crude fell 10.65% to $88.80 per barrel following an announcement that the Strait of Hormuz will be fully open to all commercial shipping.
After rising as high as $99.80 yesterday, Brent closed the day at $99.39 per barrel.
As of 4:16 p.m. local time (1316 GMT), Brent crude futures were down about 10.65% from the previous close, trading at $88.80 per barrel. At the same time, US benchmark West Texas Intermediate (WTI) was trading at $83.92 per barrel.
In a post on X, Araghchi announced that transit through the Strait of Hormuz is now unrestricted following the ceasefire in Lebanon.
"In line with the ceasefire in Lebanon, the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire, on the coordinated route as already announced by Ports and Maritime Organisation of the Islamic Rep. of Iran," he said.
Shipping traffic through the Strait of Hormuz, a critical chokepoint for global goods and energy trade, had been largely disrupted due to escalating tensions in the Persian Gulf following attacks by the United States and Israel on Iran and Tehran's retaliatory actions.
By Humeyra Ayaz
Anadolu Agency
energy@aa.com.tr
