Oil Prices Drop Below $91 as Hormuz Crisis Intensifies Oil prices fell to their lowest level in weeks as tensions over the Strait of Hormuz escalated, with Iran initially declaring the waterway open for passage during a ceasefire in Lebanon, only to later backtrack. Brent crude, the international benchmark, dropped more than 9 percent to $90.38 a barrel on Friday, marking its first drop below $91 since March 10. The decline followed statements from Iranian Foreign Minister Abbas Araghchi, who claimed the strait was “completely open” and would remain so for the duration of a 10-day ceasefire between Israel and Lebanon, which began on Friday. U.S. President Donald Trump praised Iran’s announcement, calling the waterway “ready for business and full passage,” but emphasized that the U.S. Navy’s blockade of Iranian ports would stay in place until a peace deal was reached. However, Iran reversed its stance on Saturday, warning that it would continue to restrict oil shipments through the strait as long as the U.S. blockade remained. This came after Trump reiterated that the blockade would “remain in full force” until Tehran reached an agreement with Washington, including on its nuclear program. The Strait of Hormuz, a critical chokepoint for global oil trade, has been a focal point of the ongoing conflict between the U.S. and Iran. Roughly one-fifth of the world’s oil passes through the waterway, and further restrictions could exacerbate supply constraints, potentially driving prices higher again. The near-total closure of the strait during the conflict has already triggered one of the worst energy shocks in history, with fuel prices soaring and governments implementing emergency measures to mitigate the impact. Since the U.S.#iran #strait_of_hormuz #us_president_donald_trump #iranian_foreign_minister_abbas_araghchi #strait_of_hormuz_waterway
