Oil prices plunge as Iran says Strait of Hormuz 'open' during ceasefire

Oil prices have plummeted after Iran said the Strait of Hormuz would be "completely open" to commercial ships for the remainder of the ceasefire. The cost of a barrel of Brent crude fell to $88 dollars a barrel, having been above $98 earlier on Friday. The Strait of Hormuz is a narrow strip of water linking the Gulf to the Arabian sea, through which a fifth of the world's oil and liquified natural gas is typically transported. US President Donald Trump welcomed Iran's statement, but maritime groups are still verifying the Iranian announcement. Iranian Foreign Minister Abbas Araghchi said: "The...