Kathmandu. Crude oil prices have fallen in the international market after Iran announced that it would open the Hormuz Strait to commercial ships. Iran has said that the waterway has been opened throughout the ongoing cease-fire between the US-Israel and Iran. After this announcement, the price of crude oil fell to 88 dollars per barrel. Earlier it had reached above 98 dollars.

Oil and liquefied natural gas are transported around the world through the narrow Strait of Hormuz, south of Iran. Before the US and Israel launched a joint attack on Iran, the price of crude oil was below $70 per barrel. Almost three months ago, the war began on February 22, and in March the price reached above $119.

Foreign Minister Seyed Abbas Aragchi said on social network X that the passage is open for all commercial ships traveling through the Strait of Hormuz during the ceasefire period between the US and Iran.