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Oil prices have plunged by about 9 per cent, extending previous losses, after Iran’s foreign minister said that the passage for all commercial vessels through the Strait of Hormuz is now open for the remaining ceasefire period, in line with that in Lebanon, Reuters reports.
Brent crude futures have dropped by $8.46, or 8.5pc, to $90.93 a barrel at 1300 GMT.
US West Texas Intermediate crude futures have dropped $8.87, or 9.4pc, to $85.82 a barrel.
