Oil prices fell: The Strait of Hormuz was given the green light

Oil prices dropped sharply after the announcement that Iran is opening the Strait of Hormuz.

The Iranian Foreign Ministry said that Tehran is opening the Strait of Hormuz, as a ceasefire has been reached in Lebanon.

"In accordance with the ceasefire regime in Lebanon, the passage for all commercial vessels through the Strait of Hormuz is declared fully open for the remaining period of the ceasefire along the agreed route, as already announced by the Organization of Ports and Maritime Transport of the Islamic Republic of Iran," Bloomberg reports with reference to the Iranian Foreign Ministry.

Tehran's statement caused an immediate reaction from the oil market. Benchmark Brent on the stock exchange fell from $ 96 to $ 90 per barrel. And North American WTI — immediately up to $ 83.

According to Axios, this weekend in In Pakistan, probably on Sunday, a second round of peace talks between the United States and Iran.

Iran's statement was also noticed by US President Donald Trump, who reported it on the Truth Social social network.

The United States has not yet announced anything about whether it will lift its own blockade against Iranian oil exports through the Strait of Hormuz.

It is not yet known whether shipping will resume in the region, since the owners of the vessels will decide for themselves how great the risks are in the conditions of uncertainty after the end of the conflict. Physical oil supplies are traded more expensive than stock quotes and their price will now depend on the increase in supply on the market.

As reported by EADaily , the export stop from The Persian Gulf through the Strait of Hormuz has led to a jump in the prices of oil, gas and petroleum products. However, the deficit itself has so far been felt only by Asian countries, which account for 90% of supplies from The Persian Gulf.