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Sudden Volatility Hits the Crude Oil Market: The Opening of the Strait of Hormuz Triggers Violent Price Swings
The crude oil market recently saw a sudden fluctuation. Within a short period of time, trading volume surged to nearly $800 million, and the price quickly plunged.
Twenty-one minutes later, Iran’s Foreign Minister Araghchi announced that the Strait of Hormuz was “completely open” to all merchant vessels.
The move directly triggered a strong reaction from the market.
Immediately afterward, U.S. President Trump, in a tweet at 9:06, expressed thanks to Iran for reopening the strait.
Just four minutes later, U.S. WTI crude oil futures briefly fell below the $80 per barrel threshold, and the market’s volatility was enormous.