Washington: Global oil prices fell on Thursday after Iran announced the reopening of the Strait of Hormuz.
US crude oil price dropped to $85 per barrel, while Brent crude was trading at $88.90 per barrel.
Global stock markets also showed a positive trend following the announcement.
Sources said the recent positive developments came after Pakistan Army Chief Field Marshal Asim Munir’s successful visit to Iran.
Iranian Foreign Minister Abbas Araqchi confirmed that the Strait of Hormuz has been opened for all commercial vessels, which must follow designated routes.
