Oil Prices Drop to 5-Week Lows After Iran Announces Strait of Hormuz Reopened
Oil prices fell to their lowest levels in five weeks following Iran's declaration that the Strait of Hormuz is open for commercial traffic. West Texas Intermediate (WTI) crude and Brent crude both dropped significantly, with WTI ending at $83.85 per barrel, a 11.5% decline. The market reacted to the news with relief, though concerns remain about the ongoing U.S. naval blockade.
Topics: Brent crude Iran oil prices Strait of Hormuz U.S.-Iran conflict WTI