jordan pulse -

Global oil prices plummeted by 10% on Friday following an official announcement from Iran regarding the reopening of the Strait of Hormuz to international maritime traffic.
The sharp decline reflects immediate market relief after weeks of record-high prices and supply uncertainty. The strategic waterway, which handles approximately 20% of the world's total petroleum and liquefied natural gas (LNG) flows, had been the focal point of a global energy crisis since its closure earlier this year.
Energy analysts noted that the sudden in prices comes as traders react to the decreased risk premium and the expected resumption of regular shipments from the Gulf. This development follows reports of intensive diplomatic efforts and negotiations held in Pakistan aimed at de-escalating the military tensions between Washington and Tehran.