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Axios

World

Oil prices plunge on claims Strait of Hormuz is open

Strait of Hormuz Donald Trump Oil Iran

Data: Financial Modeling Prep; Chart: Ben Geman/Axios

Oil prices dropped over 10% Friday after President Trump and Iran's foreign minister claimed the Strait of Hormuz — the world's most critical energy shipping lane — is open for transit.

Why it matters: The steep selloff signals traders see a real sign that the unprecedented throttling of oil and petroleum product flows could significantly ease.

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