18 April 69

World oil is reduced by 9% after "Iran" says all commercial ships can pass through Hormuz.

Oil prices fell about 9 percent on Friday after Iran announced that all commercial ships could sail through the Strait of Hormuz for the remainder of the ceasefire period, and US President Donald Trump said Iran agreed not to close the strait anymore.

LONDON - The price of Brent crude fell $9.01, or -9.07%, to $90.38 a barrel after falling to a day low of $86.09.

NEW YORK - West Texas Intermedia crude fell $10.48, or -11.45 percent, to $83.85 a barrel after hitting a low of $80.56.

Both contracts dropped the most in a day since April 8.

SINGAPORE - Finished oil prices rose 14 cents to $193.90 from the previous price of $193.76.

A top Iranian official told Reuters that all ships can sail through the Strait of Hormuz, but it requires coordination with Iran's Islamic Revolutionary Guards, and that unlocking Iranian funding is also part of the deal.

Analysts at Gelber & Associates said in a note: "The market is now rapidly loosening the exorbitant risks that have accumulated over the past two weeks, causing crude oil prices to revert to true normal flow pricing instead of disruption risk."

According to tracking data, about 20 ships moved from the bay to the exit through the Strait of Hormuz.

Gold rose.

Gold prices continued to rise on Friday, supported by a weaker dollar and the Iranian foreign minister's statement that the passage of the Strait of Hormuz remained open during the ceasefire, which resulted in lower oil prices and eased inflation concerns somewhat.

Gold price Goldspot rose 1.5 percent to $4,861.32 an ounce.

Gold Futures closed 1.5 percent higher at $4,879.60.