Oil prices plunged today after after Iran’s foreign minister said passage for all commercial vessels through the Strait of Hormuz was open for the remaining ceasefire period and U.S. President Donald Trump said Iran has agreed to never close the strait again.
Prices dropped at least 12% for West Texas Intermediate crude and Brent crude, the global benchmark, fell more than 10% in trading.
At Mid-Day, WTI was $83.32 per barrel and Brent traded at $89.19 per barrel