Oil drops 10%, stocks surge after Iran says Strait of Hormuz is ‘completely open’ during ceasefire

By John Towfighi, CNN (CNN) — Oil prices dropped sharply and US stocks surged Friday after the Iranian foreign minister said the Strait of Hormuz will be “completely open” for commercial transit during the remainder of the ceasefire. Brent crude, the global benchmark, fell 10%, to $89.20 per barrel. WTI, the US benchmark, sank 10.5%