Oil tumbled after Iran said it would reopen the Strait of Hormuz, as Donald Trump signalled Washington and Tehran were nearing a deal to end a war that has shaken global markets and economies.
The price fall came even as several ships that had attempted to transit the waterway reversed course late on Friday amid uncertainty about whether Iran would allow all vessels to cross safely.
The US president said earlier on Friday that the strategic chokepoint in the oil-rich Gulf was “ready for business and full passage”, thanking Iran after foreign minister Abbas Araghchi said the strait would be “completely open” to commercial shipping for the remainder of a fragile two-week ceasefire that expires on Tuesday night.
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