Oil prices plunge as Iran says Strait 'open'

US President Donald Trump welcomed the move, writing on Truth Social: "Iran HAS JUST ANNOUNCED THAT THE STRAIT OF Iran IS FULLY OPEN AND READY FOR FULL PASSAGE. THANK YOU!"Trump added that Iran had agreed "to never close the Strait of Hormuz again... it will no longer be used as a weapon against the world". But, in a follow up post, he said a naval blockade of Iran will remain "in full force and effect" until a permanent deal to end the US-Israel war with the country is agreed.Despite Iran's announcement, one oil and gas shipping operator told the BBC it "doesn't change anything" immediately."We don't feel like we need to be taking unnecessary risks and our company approach is that we won't be the first to go through the Strait", the operator, who did not want to be named, said.Another company, Stena Bulk, which operates oil tankers in the region, said it was "monitoring developments closely"."The safety of our crew and vessels governs every routing decision, and we will not transit until we are satisfied it is safe to do so", the company added.Kieran Tompkins, senior climate and commodities economist at Capital Economics, said the ceasefire, due to end in nine days, "offers only a narrow window of opportunity for oil tankers to navigate the Strait, load up, and exit".