Oil prices crash 13% after Iran opens Strait of Hormuz

Brent crude prices fell roughly 13% to around $86.52 per barrel on Friday after Iran said the Strait of Hormuz would remain open for commercial vessels during its ceasefire with the US. US West Texas Intermediate crude also dropped about 14% to $81.19 a barrel. The Strait's closure following US and Israeli strikes on Iran had driven oil prices higher.