Oil prices tumble as Iran says Strait of Hormuz 'completely open'

(Sharecast News) - Oil prices tumbled on Friday after Iran said the Strait of Hormuz is now "completely open" to commercial ships. The country's foreign minister, Abbas Araghchi, said in a social media post: "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."

However, he said vessels must transit through a "coordinated route" announced by Iran's maritime authorities.

In a post on Truth Social, US president Donald Trump thanked Iran. "The Strait of Hormuz is completely open and ready for business and full passage, but the naval blockade will remain in full force and effect as it pertains to Iran, only, until such time as our transaction with Iran is 100% complete," he said.

"This process should go very quickly in that most of the points are already negotiated."

Oil prices crashed and at 1440 BST, Brent crude was down 10.2% at $89.22 a barrel.