Oil prices plunge 10% after Iran says Strait of Hormuz is open for commercial vessels

Oil prices dropped 10% after Iran's foreign minister announced the Strait of Hormuz was open for commercial vessels, leading to a surge in U.S. stock indexes reaching new highs. The announcement coincided with Lebanon's ceasefire, allowing passage through the Strait as per the Islamic Republic's Ports and Maritime Organisation, easing regional tensions.

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