Oil prices plummet after Iran says Strait of Hormuz is "completely open"
Summary
Oil prices dropped sharply after Iran announced the Strait of Hormuz is fully open for commercial ships during a ceasefire between Israel and Lebanon. This led to lower gasoline prices in the U.S. and gains in the stock market, while President Trump indicated progress in peace talks with Iran.Key Facts
- Oil prices fell about 10% after Iran declared the Strait of Hormuz open for commercial vessels.
- The U.S. oil benchmark, West Texas Intermediate, dropped to $84.36 per barrel.
- Brent crude, the global oil price standard, fell to $90.05 per barrel.
- U.S. gasoline prices decreased to an average of $4.08 per gallon.
- Nearly 20 ships turned back to Iran following a U.S. blockade of Iranian ports and vessels, which remains in effect.
- President Trump said a deal with Iran to end the war is nearly complete, including Iran suspending its nuclear program.
- The stock market rose, with key indexes like the S&P 500 and Dow Jones up more than 1%.
- A two-week ceasefire between the U.S. and Iran was agreed on April 8, with President Trump open to extending it.
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