Iranian Foreign Minister Abbas Araghchi announced the Strait of Hormuz is now completely open for all commercial vessels for the remaining period of the Lebanon ceasefire.

Following the announcement, oil prices moved sharply lower, with Brent crude falling more than 8% to below $91 a barrel, while U.S. benchmark WTI dropped more than 9% to around $82 a barrel.

Araghchi said the move was made in line with the ceasefire in Lebanon and applies to commercial shipping using the previously coordinated route.

As of now, the United States has not released an official statement confirming the Strait of Hormuz is formally open.