Oil prices plummet as strait of hormuz reopens after iran conflict

Global oil prices tumbled sharply after the U.S. and Iran reached a ceasefire agreement, reopening the strategic Strait of Hormuz. Crude oil prices dropped over 16% in a single day, plummeting from $103 per barrel to below $100.

Strait of hormuz reopens as iran conflict eases

The near-total closure of the Strait, which carries about one-fifth of the world's oil and liquefied natural gas supply, had sent oil prices skyrocketing. U.S. administration estimates suggest reduced shipments could keep over 9 million barrels off the market in April alone.

Despite the recent drop, analysts warn it may not be enough to return prices to pre-war levels anytime soon.