Iran declares Strait-of-Hormuz open during 10-day Israel-Hezbollah ceasefire oil slips
Business
Big news for global energy: the Strait of Hormuz, a key route for oil shipments, has reopened after Iran declared it "completely open" during a 10-day ceasefire between Israel and Hezbollah.
This move quickly eased worries about supply disruptions, causing oil prices to tumble: Brent crude dropped to about $89 per barrel and WTI fell to $83.
European natural gas prices also slid by as much as 10% to near 38 euros per megawatt-hour.
Advisers cut Brent longs to 27%
Traders are feeling more optimistic now that tensions have cooled, but there is still some caution: ships can only travel along Iran's coastline for now.
As a result, trading advisers have cut back their bets on rising oil prices quite a bit, dropping their long positions in Brent from 82% down to just 27%.