Oil plunges, stocks jump as Iran declares Hormuz open

NEW YORK, United States — Oil prices tumbled Friday after Iranian officials said they would allow commercial traffic to resume in the Strait of Hormuz. This lifted equity markets in Europe and New York, where major indices hit new records. Citing the ceasefire between Israel and Lebanon, Iran’s Foreign Minister Abbas Araghchi said Tehran would lift its blockade on shipping through the key Gulf energy trade route. “In line with the ceasefire in Lebanon, the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire,” Araghchi said. READ: PSEi back below 6,000 […]... Keep on reading: Oil plunges, stocks jump as Iran declares Hormuz open

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