ConfirmedShipping, energy & marketsBackgroundNew York, United States
Oil plunges about 9% to near $90 after Iran says Hormuz is open
- Mountain Time
- Local time
- 3:45 PM in New York
- Where
- New York, United States
Brent fell about 9% to around $90 a barrel and U.S. crude fell nearly 11% to $84.36 after Iran declared the Strait of Hormuz open, CBS News reported; Al Jazeera said Brent settled at $90.38, down 9.1%, as the S&P 500 closed above 7,100 for the first time.
Why it matters
The drop showed how much of the oil price reflected the Hormuz closure, and how quickly it could reverse if passage resumed.
Sources (2)
- CBS Newscbsnews.comPublished
- Al Jazeeraaljazeera.comPublished
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