Oil prices react to Hormuz opening

Global oil prices experienced a sharp, immediate decline following Iran's declaration that the Strait of Hormuz is fully open for commercial shipping. The announcement, tied to the ongoing Lebanon ceasefire, has significantly eased market fears over a major supply chokepoint. US oil prices have officially fallen below $80 per barrel, marking a 32% decline over nine consecutive trading days. This price crash reflects the market's rapid reassessment of supply risks in the critical waterway.