Oil prices plunge on claims Strait of Hormuz is open

Data: Financial Modeling Prep; Chart: Ben Geman/Axios Oil prices dropped over 10% Friday after President Trump and Iran's foreign minister claimed the Strait of Hormuz — the world's most critical energy shipping lane — is open for transit. Why it matters: The steep selloff signals traders see a real sign that the unprecedented throttling of oil and petroleum product flows could significantly ease.