Iran’s foreign minister declared the Strait of Hormuz, the world’s most important energy chokepoint, open to commercial traffic for the rest of the 10-day ceasefire between Israel and Lebanon, oil prices plummeted on Friday.

Brent crude (BZ=F), the worldwide pricing benchmark, sank 10.3% to $90 per barrel, while WTI crude (CL=F) fell 10.6% to $82. Iranian foreign minister Abbas Araghchi announced on X that the Strait of Hormuz is open for commercial vessels during the ceasefire in Lebanon. He noted that warships can take the regime’s “coordinated route as already announced”.

President Trump wrote on Truth Social less than an hour after Araghchi’s statement that while the strait is “completely open and ready for business,” the US naval blockade “will remain in full force and effect as it pertains to Iran, only, until such time as our transaction with Iran is 100% complete,” which could confuse shipowners.