Brent Crude Plunges to $88 as Iran Opens Strait of Hormuz

AI Summary

Brent crude oil prices fell to $88 per barrel from above $98 earlier, following Iran's statement that the Strait of Hormuz would be 'completely open' during the ceasefire. This strait is critical for transporting a fifth of the world's oil and liquified natural gas. Following this announcement, major U.S. stock indices rose, with the S&P 500 up 0.8%, and the Nasdaq and Dow Jones both increasing by over 1%. Before the conflict, Brent traded below $70, reaching over $119 in March due to disruptions in the region.