"Brent crude, the international benchmark, fell more than 9 percent to $90.38 a barrel on Friday, taking it below $91 for the first time since March 10."
"Iran rowed back on its decision to reopen the Strait of Hormuz, warning that it would continue to block transit through the key waterway as long as the US blockade of Iranian ports remained in effect."
"Roughly one-fifth of the world's oil passes through Hormuz and further limits would squeeze already constrained supply, driving prices higher once again."
"Ship tracking data displayed by MarineTraffic earlier on Saturday showed a significant uptick in vessels crossing the strait, which is located between Iran, the United Arab Emirates and Oman."
Brent crude oil prices dropped more than 9% to $90.38 a barrel after Iran announced the reopening of the Strait of Hormuz during a ceasefire. Iranian Foreign Minister Abbas Araghchi stated the strait would remain open for 10 days, prompting President Trump to express optimism about a peace deal. However, Iran later reversed its decision, indicating it would block transit through the strait due to ongoing US sanctions. The situation has implications for global oil supply, as a significant portion of the world's oil passes through this strategic waterway.
Read at www.aljazeera.com
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