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Brent crude sinks 10% after Iran says the key waterway is completely open for commercial ships for the rest of the ceasefire.
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The Strait of Hormuz has remained almost completely closed as the U.S. and Iran have disputed the terms of their ceasefire agreement.
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The halt to weeks of fighting is being celebrated in Lebanon, but it will be difficult to ensure it lasts.
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The pause in fighting would remove a major hindrance to the U.S.-Iran peace talks, if it holds.
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Friday's statements that the strait is now open raised investors' hopes that oil and gas would start flowing out of the Persian Gulf in significant volumes again.
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Oil prices tumbled more than 10% after Iran declared the Strait of Hormuz open amid a ceasefire deal with Lebanon.
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The country's leaders secured a truce through risky talks with Israel, but the government now finds itself caught between competing pressures.
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The pause in the fighting between Israeli forces and Iranian-allied Hezbollah militants may help smooth the way to a peace deal between the U.S. and Iran.
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Also, Utah is now the epicenter of U.S. measles cases. Here's the latest at the end of Thursday.
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