ELEVATEDBusinessDay NigeriaUnverifiedNo Trust Score IssuedUnpublished

Brent drops over 10% after Iran declares the Strait of Hormuz ‘completely open’

iranoil-pricesstrait-of-hormuznigeriaglobal-market

Brent oil prices have dropped over 10% after Iran declared the Strait of Hormuz 'completely open' to commercial shipping, easing fears of a supply shock. The declaration has driven prices down, with Brent falling to around $90 per barrel. This development is expected to have a significant impact on the global oil market.

Oil tumbled the most in weeks on Friday afternoon after Iran declared the Strait of Hormuz “completely open” to commercial shipping, easing fears of a prolonged supply shock that had driven prices toward triple digits. Brent, the benchmark of Nigeria’s crude oil, slid more than 10 percent on Friday by 3:46pm Nigerian time, falling to around […] read more Brent drops over 10% after Iran declares the Strait of Hormuz ‘completely open’ ]]>

Brent drops over 10% after Iran declares the Strait of Hormuz ‘completely open’

[Sources]