Crude trading spikes to $800 million as Iran says Strait of Hormuz is fully open

Caixin reported that at 8:24 a.m. ET on Friday, crude oil trading volume abruptly spiked with no immediate headline catalyst. Nearly $800 million changed hands within a short span, triggering a sharp drop in prices. Twenty-one minutes later, Iran's Foreign Minister Alireza Araghchi said the Strait of Hormuz was "fully open" to all commercial vessels. U.S. President Donald Trump followed with a post at 9:06 a.m. ET, thanking Iran for reopening the passage. By 9:10 a.m. ET, U.S. WTI crude futures briefly slipped below $80 a barrel.