Oil prices fell dramatically after Iran's announcement that the Strait of Hormuz would be "completely open" to commercial ships for the remainder of the ceasefire, which is expected to last until at least 22 April 2026.
According to Business Insider, the price of Brent crude has fallen to less than $83 a barrel, where it was trading at more than $98 earlier in the day. This marks the first time the shipping route has been completely reopened since the US-Iran conflict began on 28 February 2026.
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