April 17 (UPI) -- Iranian Foreign Minister Seyed Abbas Araghchi says the Strait of Hormuz is open Friday following a cease-fire in Lebanon, while oil prices decline.
The price of Brent crude oil fell by 10% to $89.20 per barrel Friday after again peaking over $100 when the United States began its blockade of the Strait of Hormuz earlier in the week. West Texas Intermediate also fell by 10.5% to $81.50 per barrel.
Oil prices remain elevated over what they were before the United States and Israel launched the war with Iran. Brent crude oil was $73 and U.S. crude was $67 per barrel.
The drop in oil prices and opening of the Strait of Hormuz coincides with Thursday's announcement that Israel and Lebanon have agreed to a cease-fire.
"In line with the cease-fire in Lebanon, the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of cease-fire," Araghchi wrote on social media.
