From 1h agoOil drops 4% amid reports Iran will restore ships through strait of Hormuz to pre-war levelsOil prices have dropped about 4% after Iranian state TV said Iran was committed to restoring the number of commercial transit ships through the strait of Hormuz to pre-war levels within one month.Brent crude – the international benchmark for oil – dropped 4% to below $95 a barrel, before recovering slightly to $95.24 a barrel.The US dollar has slipped 0.2% against a basket of other major currencies.Key events11m agoUS stock market opens flat1h agoOil drops 4% amid reports Iran will restore ships through strait of Hormuz to pre-war levels2h agoFlying Tiger bought by TG Jones owner3h agoLidl overtakes Morrisons as fifth biggest grocer in Britain3h agoAmazon's UK tax bill tops £1.3bn5h agoAstraZeneca potential blockbuster cancer drug faces delay from US regulator5h agoUK gilts rebounding despite energy price cap rise6h agoHybrid car sales jump in EU6h agoBP shares continue fall after chair Albert Manifold ousted7h agoGrocery price inflation slowed in May, researcher finds7h agoPrice cap rise is 'deeply unwelcome', energy secretary Ed Miliband says7h agoMost vulnerable will be hit hardest by price cap rise, campaigners warn7h agoElevated energy prices 'likely this winter', says Ofgem boss7h agoExpect even higher bills this year, analyst says8h agoIntroduction: UK energy price cap rises by £200Show key events onlyPlease turn on JavaScript to use this featureUS stock market opens flatThe US stock market has opened broadly flat. The blue chip S&P 500 index is up 0.03%, while the Dow Jones Industrial Average has ticked up 0.3%.Oil is now hovering around the $95 mark, with Brent crude down about 4% to $95.70.The US stock market will also open shortly – futures for the S&P 500 are pointing toward a 0.1% rise.Axel Rudolph, of the broker IG, notes that oil prices are now around a five-week low.