London: Oil prices in global energy markets have declined after Iran reopened the Strait of Hormuz, APA-Economics reports.
According to Azeri-Press News Agency, the price of June futures for Brent crude on London’s ICE exchange decreased by 9.95% to $89.5 per barrel. This marks a significant shift in the energy market, impacting global oil prices.
On the New York Mercantile Exchange (NYMEX), May futures for WTI crude also fell by 11.05% to $84.23 per barrel. This decline reflects the market’s response to the geopolitical changes in the region.
It should be recalled that today Iran’s Foreign Minister Abbas Araghchi announced on X that Iran had reopened the Strait of Hormuz. This strategic waterway is vital for global oil transportation, and its reopening has a direct impact on oil distribution and pricing.