Oil price drops below US$90 a barrel and continues to fall after Strait of Hormuz news
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17 April, 16:17
Oil has dropped below US$90 a barrel and keeps falling after the Strait of Hormuz news. Photo: Getty Images
Crude oil prices have plunged below US$90 a barrel and continue to fall following reports that Iran has reopened the Strait of Hormuz, through which large volumes of the world's oil pass.
Source: TradingEconomics, a website that provides a variety of economic indicators for many countries around the world
Details: The price of crude oil stood at US$84 a barrel as of 16:10 on 17 April. Brent crude, the benchmark price, was US$88 a barrel.
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Oil prices continue to fall at a rapid rate.
Background: Iran announced that it has reopened the previously blocked Strait of Hormuz.
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