Iran announced on its state TV that the Strait of Hormuz will return to its pre-war state within a month.
CNBC reported oil dropped below $90 per barrel after the announcement.
However, this is not the first promised opening of the Strait or end of the Iran war that began at the end of February.
The strait is used to export about one-fifth of the world’s oil. Since the war began and exports have diminished, the price of oil and gasoline have soared.
