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Evening Standard

Business

Holly Williams

Oil prices drop sharply and global markets surge as Strait of Hormuz reopened

Oil Strait of Hormuz Iran United States PA Graphics

Stock markets surged in response to the latest news (Alamy/PA) -

The price of oil has tumbled and stock markets globally rallied higher after Iran declared it had reopened the crucial Strait of Hormuz shipping route.

Brent crude fell 11% to just over 88 US dollars a barrel in afternoon trading on Friday as Iranian authorities said the strait has fully reopened for commercial traffic as a 10-day ceasefire involving Israel and Lebanon came into effect.

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