Oil prices drop after Hormuz announcement

Global oil prices have dropped in response to Iran's declaration that the Strait of Hormuz is open for commercial shipping. The announcement comes amid a ceasefire and a U.S. naval blockade that targets only Iranian exports, not the waterway itself. The market reaction reflects easing concerns over a potential supply disruption from the world's most important oil chokepoint. The situation remains fluid as diplomatic and military posturing continues.