Oil prices are plummeting following the announcement regarding the Strait of Hormuz
17 April 17:00
The price of crude oil fell below $90 per barrel following news that Iran had reopened the Strait of Hormuz, through which significant volumes of global oil pass.
This is reported by TradingEconomics, according to
The price of crude oil at 5:00 p.m. on April 17 stood at $84 per barrel. The price of the benchmark Brent crude settled at $88 per barrel.
“On Friday, WTI crude oil futures fell by more than 10%, dropping below $84 per barrel, nearly hitting five-week lows after Iranian Foreign Minister Abbas Araghchi announced that the Strait of Hormuz is now fully open to commercial shipping during the ceasefire period,” according to a report on the service.
TradingEconomics explains that this move has boosted optimism that one of the most serious disruptions to global energy supplies in recent times may be easing.
As previously reported by
Prices also began to fall following reports that the U.S. may release $20 billion in frozen Iranian funds in exchange for enriched uranium reserves, and further negotiations are expected to take place this weekend. The market is increasingly focused on the conflict’s impact on supplies coming to an end after nearly 50 days of disruptions that have affected a significant portion of global oil flows.
