Crude oil prices nosedived on Friday after Iranian Foreign Minister Abbas Araghchi declared the Strait of Hormuz "completely open" for commercial shipsfor the remaining period of the 10-day ceasefire between Israel and Lebanon.
Supply concerns seemed to lessen amid hopes about the chances of a lasting US-Iran ceasefire. The conflict that triggered a major supply shock, with Iranian restrictions and a US naval blockade keeping flows through Hormuz almost at a standstill, neared 50 days.
West Texas Intermediate for deliveries in May slumped by 11.05% to $84.23 per barrel at 9:09 am ET, while Brent for settlements in June plunged by 10.55% and sold for $88.9 a barrel.
https://breakingthenews.net/Article/Oil-slumps-10-as-Iran-declares-Hormuz-open/66093333
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.