Oil prices plummet after Iran says Strait of Hormuz is "completely open"

TL;DR

Oil prices dropped around 10% on Friday.
Iran declared the Strait of Hormuz "completely open" amid a ceasefire between Israel and Lebanon.
West Texas Intermediate fell by 10.29% to $84.95.
Brent crude dropped by 8.52% to $90.87 a barrel.
Average U.S. gasoline prices fell to $4.08 per gallon.
Oil prices had previously jumped due to concerns over the Strait of Hormuz following the start of the Middle East war.
President Trump suggested a potential agreement with Iran regarding enriched uranium.
U.S. officials may resume negotiations with Iran.
Iran's foreign ministry stated there are no plans to transfer uranium to the U.S.
The U.S. continues its blockade of Iranian ports and vessels.
Stock markets rallied on Friday amid hopes for an end to the conflict.
The S&P 500 gained 1.2%, the Dow Jones Industrial Average jumped 1.8%, and the Nasdaq Composite climbed 1.5%.

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