Oil Prices Fall Sharply After Iran Says Strait of Hormuz Is Open
But analysts said it was not clear how quickly the oil industry in the Persian Gulf would be able to get back to normal.

Virginia Sen. Tim Kaine (D) said Sunday that the Strait of Hormuz must be reopened for all shipping traffic after Iran announced the waterway’s closure in response to the ongoing U.S. blockade. “If they’re going to be open, I think they have to be open to all,” Kaine told Fox News’s Shannon Bream on “Fox…
But analysts said it was not clear how quickly the oil industry in the Persian Gulf would be able to get back to normal.
The blockage to energy supplies through the Persian Gulf appears to have ended. If it holds, it takes a massive weight off the world economy.Why it matters: The possibility of a prolonged disruption to the supply of crude oil, liquefied natural gas, fertilizer and other commodities looks to be off the table.The Trump administration's strategic move from…
This comes after President Donald Trump said the U.S. naval blockade "will remain in full force" until a deal is made.
At least eight oil tankers raced toward the Strait of Hormuz in the hours after Iran’s foreign minister said the vital waterway was fully open to shipping.
Iran’s foreign minister announced Friday that the Strait of Hormuz is now “completely open” for all commercial ships — as President Trump said the US would take all of Tehran’s leftover nuclear fuel. “In line with the ceasefire in Lebanon, the passage for all commercial vessels through the Strait of Hormuz is declared completely open...
For seven weeks, Iran effectively weaponized the Strait of Hormuz. Imtiaz Tyab, who visited the contested waterway this week, reports on the status.