Oil prices fall dramatically as Iran announces Strait of Hormuz reopening

Oil prices dropped dramatically on Friday as Iran announced that it was opening the Strait of Hormuz, a critical oil shipping lane. International benchmark Brent crude plummeted 12 percent while U.S. benchmark WTI fell an even more dramatic 14 percent as of Friday morning. The war in Iran and subsequent closure of the Strait sent oil prices skyrocketing in…