Oil prices fall dramatically as Iran announces Strait of Hormuz reopening

Oil prices dropped dramatically connected Friday arsenic Iran announced that it was opening the Strait of Hormuz, a captious lipid shipping lane. International benchmark Brent crude plummeted 12 percent while U.S. benchmark WTI fell an adjacent much melodramatic 14 percent arsenic of Friday morning. The warfare successful Iran and consequent closure of the Strait sent lipid prices skyrocketing in…