Oil prices have dropped significantly after Iran stated the Strait of Hormuz would remain "completely open" to commercial shipping throughout the ceasefire in the US-Israel conflict. Brent crude plunged from above $98 to $88 per barrel following the declaration by Iranian Foreign Minister Abbas Araghchi on Friday, delivering relief to worldwide energy sectors that have been tested by prolonged disrupted supply. The vital shipping route, through which roughly a fifth of the world's oil and liquified natural gas usually passes, has been largely shut since late February when American and Israeli military operations led Iran to curtail transit. The assurance...