Oil plunges 10% as Iran says Hormuz passage open
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Oil prices plunged Friday after Iran’s Foreign Minister Abbas Araghchi said the vital Strait of Hormuz was “completely open” for commercial tankers and cargo ships during the US-Iran ceasefire.
International benchmark Brent North Sea crude plunged 10 percent to $89.11 a barrel, after earlier falling five percent on US-Iran peace deal hopes.
The main US contract, West Texas Intermediate, shed 11 percent to $84.11 a barrel.
AFP
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