Oil price plunges after Iran says Strait of Hormuz is open again

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  Oil prices drop as Iran says the Strait of Hormuz is open for business.

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  It's World Business Express from the BBC World Service.

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  I'm Leanna Byrne.

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  We 'll have all the latest analysis and market reaction and importantly ask

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  if those lower oil prices will show up at the pumps.

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  A couple of hours before we came on air, the Iranian Foreign Minister,

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  Syed Abbas Arangchi, announced on the social media platform X that the Strait of Hormuz is open for all commercial vessels

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  while the ceasefire lasts between the US, Israel, Iran and Lebanon.

• 01:19

  The price of crude oil immediately fell sharply on the news.

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