Oil prices fall as Strait of Hormuz declared open

(The Center Square) – The Strait of Hormuz is fully opened, the Iranian officials and President Donald Trump announced Friday morning, sending oil prices plummeting. The strait, which has been one of the major sticking points since Operation Epic Fury began Feb. 28, has led to the halt of commercial shipping traffic, including oil shipments. The Islamic Republic of Iran announced the reopening of the strait, crediting the ceasefire in Lebanon with Israel. “In line with the ceasefire in Lebanon, the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire, on the coordinated route already announced by Ports and Maritime Organization of the Islamic Rep. of Iran,” according to a statement from Iran. The president confirmed the reopening of the waterway connecting the Persian Gulf and the Gulf of Oman. “Iran has just announced that the Strait