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Oil prices have plummeted after Iran said the Strait of Hormuz would be "completely open" to commercial ships for the remainder of the ceasefire.
The cost of a barrel of Brent crude fell to US$88 dollars a barrel, having been above US$98 earlier on Friday.
The Strait of Hormuz is a narrow strip of water linking the Gulf to the Arabian sea, through which a fifth of the world's oil and liquified natural gas is typically transported.
Global markets also rallied on the announcement, with the major US stock indices rising in early trading.
-BBC
