U.S. crude oil plunged 10% to nearly $85 per barrel, while international Brent crude also slid more than 8% to around $90 per barrel.NBC reported.
Heating oil futures, which are a proxy for jet fuel, plummeted 13%. Wholesale RBOB gas futures also fell 7%.
It was not immediately clear if the reference to a "coordinated route," meant that ships would need to pay a toll to Iran, as some have reportedly done in recent weeks. It was also not immediately clear if ships in the region, which have been threatened and attacked, would trust this announcement.
Shortly after the Iranian minister's post, President Donald Trump celebrated the news with his own post on Truth Social, which read: "IRAN HAS JUST ANNOUNCED THAT THE STRAIT OF IRAN IS FULLY OPEN AND READY FOR FULL PASSAGE. THANK YOU!"
