Brent crude fell 8.8% to $90.63/bbl and WTI dropped 11.1% to $84.14/bbl after Iran declared Strait of Hormuz temporarily open.
Opening announced by Iran’s FM Abbas Araghchi; US President Donald Trump confirmed via X, linking it to Lebanon ceasefire and US‑Iran talks.
Analysts note closure had disrupted ~13 million bpd; reopening eases supply concerns but inflation and demand outlook remain uncertain.
US‑Iran negotiations involve a proposed $20 billion frozen‑fund release, but Trump said no funds will be given as Iran suspends its nuclear program.