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Oil tankers are remaining cautious about sailing through the Strait of Hormuz after Iran declared Friday that the sea lane is open to commercial ships, video footage shows.

Oil futures contracts tumbled Friday as the market interpreted the announcement from Tehran as a major breakthrough that will ease the massive disruption to global energy supplies. The U.S. benchmark, West Texas Intermediate crude

settled down 12% Friday at $83.85 per barrel, while Brent crude futures

finished the day down 9%.