Oil Prices Drop Sharply After Iran Opens Hormuz Strait

Oil prices fell by more than 9% after Iran announced the full reopening of the Strait of Hormuz, easing concerns over global supply disruptions.

Wall Street Journal reported the drop was driven by resumed oil flows through the key waterway.

One of the world’s most critical energy routes.

Data from London Stock Exchange Group showed Brent crude declined by about 10%.

Following the announcement.

Marking one of the sharpest recent declines.

The drop reflects rapid market response.

To improved supply outlook.

And reduced geopolitical risks.