Oil Prices Plunge as Iran Reopens Strait of Hormuz

Oil prices have plummeted following Iran's announcement that the Strait of Hormuz will be 'completely open' to commercial shipping for the duration of the current ceasefire. This crucial waterway, through which a fifth of global oil and gas transits, was effectively closed after the US and Israel initiated strikes on Iran in late February, causing a significant spike in energy and fertiliser costs. Global markets reacted positively, with major stock indices rising across the US and Europe.