Following the announcement by the Iranian Foreign Minister that the Strait of Hormuz was open, global crude oil prices have fallen sharply.
According to Arab media, WTI crude oil has fallen 12 per cent to $83 per barrel, while Brent crude oil has fallen 11 per cent to $88 per barrel.
The price of UAE Murban crude oil has also fallen 8 per cent, now at $93 per barrel.
European stock markets have rebounded on the reopening of this important shipping lane, with markets in Switzerland, France, Germany, the United Kingdom and Spain up 1 per cent.
