Oil Prices Slide After Strait of Hormuz Reopens Amid Ceasefire
Global oil benchmarks fell sharply after Iran confirmed the Strait of Hormuz would stay open to commercial shipping during a new ceasefire linked to Israel-Lebanon tensions. Brent crude dropped from above $98 to around $88 per barrel once the announcement was made. The news eased fears of a major supply disruption through this strategic waterway, which handles about one-fifth of global oil and liquefied natural gas. U.S. stock indices and major European markets also rallied on the update. Analysts say this move highlights how closely energy prices track geopolitical developments around Hormuz and may signal more stability for global crude markets.
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