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The Guardian - UK
The Guardian - UK
Business
Jillian Ambrose and Joanna Partridge

Oil price drops below $90 a barrel after Iran says strait of Hormuz is open

Iran Donald Trump Gas Prices Oil Hormuz Strait Tehran Gulf United States
Oil gas and fuel storage units at the Navigator Terminal in Grays, Essex
Oil gas and fuel storage units at the Navigator Terminal in Grays, Essex. Photograph: Neil Hall/EPA

Oil and gas prices fell sharply on Friday after Iran said the strait of Hormuz was open to commercial shipping, potentially clearing the way for tankers holding millions of barrels of oil and gas to reach the global market.

Iran’s foreign minister said vessels would be free to transit the strait of Hormuz for the duration of the 10-day ceasefire between Israel and Lebanon, which was struck on Thursday.

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