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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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Iran expanded its control of the Strait of Hormuz over the course of the war with the United States.
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;Resize=(620)) S&P 500, Dow Jones and Nasdaq all climbed shortly after open, as stocks run toward the finish of a third straight week of big gains. Brent crude oil, the international standard, dropped to $89.13 US a barrel — still higher than the $70 before the Iran war, but lower than it has been in recent weeks.
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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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