NEW YORK, April 17 (Xinhua) -- Crude oil futures prices sank over 10 percent on Friday morning as Iran announced the opening of the Strait of Hormuz to all commercial vessels during the ceasefire in Lebanon.
West Texas Intermediate crude oil futures for May delivery dropped as low as 83 U.S. dollars per barrel at one point, down from the settlement price of 94.69 dollars per barrel on Thursday. Brent crude oil futures for June delivery had a low of 87.71 dollars per barrel in the morning session, in comparison with the settlement price of 99.39 dollars per barrel.
Iranian Foreign Minister Seyed Abbas Araghchi said Friday in a post on social media platform X that the passage for all commercial vessels through the Strait of Hormuz is declared completely open for the remaining period of the ceasefire in Lebanon.
U.S. President Donald Trump thanked Iran for the announcement of a full reopening of the Strait of Hormuz on Friday. In a follow-up post, Trump said that the U.S. naval blockade on Iran will remain in full force until Washington's transaction with Tehran is "100 percent complete."
A 10-day ceasefire between Israel and Lebanon took effect at midnight between Thursday and Friday local time (2100 GMT Thursday).
Oil tanker transit through the Strait of Hormuz, a vital shipping corridor accounting for around 20 percent of global oil flows, has been effectively closed since the outbreak of the conflict in the Middle East at the end of February. ■
