Iran Opens Strait of Hormuz, Oil Falls Below $90 but Full Recovery Seen as Distant
Iran announced the Strait of Hormuz is fully open to commercial shipping, sending oil prices sharply lower — the Guardian reports prices dropped below $90 a barrel, while the FT notes the opening coincides with Trump suggesting the warring sides are closer to ending the conflict. MarketWatch cautions that a 'full normalization scenario' remains out of reach, as the passage is only guaranteed for the duration of the 10-day Lebanon-Israel ceasefire. The reopening comes too late for many U.S. farmers, with urea fertilizer prices already up 47% since late February according to the American Farm Bureau Federation.
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