Oil and gas prices fall nearly 10% after Iran says strait of Hormuz is open

Brent crude drops and gas prices slide amid hopes Donald Trump will succeed in reaching deal with Tehran

Oil and gas prices tumbled by almost 10% on Friday after Iran said the strait of Hormuz would open to commercial shipping, potentially clearing the way for tankers holding millions of barrels of oil and gas to reach the global market.

Iran’s foreign minister said that vessels would be free to transit the strait of Hormuz for the duration of the 10-day ceasefire between Israel and Lebanon struck on Thursday.