Oil prices crash below $80 per barrel following Iran’s major announcement. The country officially reopened the Strait of Hormuz for all commercial vessels. Iranian Foreign Minister Seyed Abbas Araghchi posted the news on X. The passage remains open for the remaining ceasefire period between Lebanon and Israel. The coordinated route follows guidelines from Iran’s Ports and Maritime Organisation.

Western Texas Immediate dropped $5.69 or 6 percent to $89 per barrel initially. Brent fell $5.18 or 5.2 percent to $94.21 per barrel. Then the slide continued. At 7:40 PM Pakistan Standard Time, oil prices crash below $80 to $79.4 per barrel. Markets reacted instantly to the Hormuz reopening. The strait handles about 20 percent of global oil supply.

Oil prices crash below $80 as Trump celebrates the development. The US President posted on Truth Social moments ago. He wrote that Iran announced the strait is fully open and ready for full passage. Trump earlier claimed credit for the Lebanon ceasefire. That truce now enables this oil price collapse. Lower fuel costs will help consumers worldwide.

Pakistan will benefit from this crash. The country imports most of its oil. Diesel and petrol prices could drop in upcoming reviews. Transport costs may decrease. Inflation might ease slightly. The government reduced diesel prices just yesterday. Another cut could follow if oil stays below $80. Global markets watch the ceasefire closely. Any disruption could reverse these gains. For now, relief has arrived.