Iran's Opening of Strait of Hormuz Statement Triggers International Oil Price Drop Exceeding 10%

Odaily News Iranian Foreign Minister stated that the Strait of Hormuz is fully open to all commercial vessels during the ceasefire between Lebanon and Israel. International crude oil futures prices fell rapidly on this news, with a drop exceeding 10%. On the morning of the 17th Eastern Time, the price of light crude oil futures for May delivery on the New York Mercantile Exchange fell to $84.48 per barrel during the session, a decrease of over 12% compared to the previous trading day's closing price. Simultaneously, the price of London Brent crude oil futures for June delivery dropped to a low of $88.76 per barrel, a decrease of over 10% compared to the previous trading day's closing price. (Xinhua News Agency)