ISLAMABAD: After Iran announced the opening of the Strait of Hormuz, oil prices fell in the global market, while gold and cryptocurrency became expensive.
According to the report, gold became expensive by $85 per ounce in the global market, and the price of gold per ounce in the international market increased by Rs85 to reach $4,894.
On the other hand, crude oil prices decreased in the global market, crude oil became cheaper by 11.5% in the global market, and the price of a barrel of crude oil has been recorded to decrease by $10.
Crude oil is being traded at $81 per barrel in the global market, and American crude oil is also being sold at $83, becoming cheaper by $11.
It should be noted that Iran has announced the complete opening of the Strait of Hormuz for commercial ships after the ceasefire in Lebanon.
Iranian Foreign Minister Abbas Araqchi said in a message on the social networking site X (formerly Twitter) that the Strait of Hormuz has been opened to all commercial ships and that the route will remain fully operational for the remainder of the ceasefire period.
He said that commercial shipping will continue to operate during this period, but ships will have to travel on pre-determined routes coordinated by Iran’s ports and the Maritime Affairs Organization.
On the other hand, US President Donald Trump has expressed gratitude to Iran for opening the Strait of Hormuz.
