Iran’s foreign minister said on Friday that passage for all industrial vessels through the Strait of Hormuz is said completely open for the remaining period of ceasefire, consistent with the ceasefire in Lebanon.
The passage of vessels through the strait shall be on the coordinated route as already announced by Ports and Maritime Organisation of Iran, Abbas Araqchi added in a post on X.
Oil prices plunged by about nine per cent on Friday, extending previous losses, after Iran’s announcement.
The value for Brent crude – the international benchmark for oil – dropped by $8.46, or 8.5 per cent, to $90.93 a barrel while U.S. West Texas Intermediate crude fell $8.87, or 9.4 per cent, to $85.82 a barrel.