Brent crude tumbles to $90 a barrel, stocks and bonds jump after Iran says Strait of Hormuz is open

"The price of oil tumbled and stocks and government bonds rallied on Friday after Iran's foreign minister said that the Strait of Hormuz was open for passage while a ceasefire is in force.

The price of benchmark Brent crude futures tumbled to $90 a barrel, down 9% on the day, U.S. crude fell 10% to $81.5 a barrel.
While still above pre-war levels, that is down significantly from late March's highs, which, for Brent, were close to $120 a barrel.
Stocks around the world, which had already been trading around record highs, jumped further on the news. Europe's broad STOXX 600 was last up 1.3% having been close to flat before the announcement, S&P futures were 0.9% higher.
"If we move to a situation where the path is still towards de-escalation - but we now have the bonus of commodity flows through Hormuz getting back to something resembling a normal level that we saw pre-conflict - then that's obviously removing a pretty chunky tail risk for the economy," said Michael Brown, senior research strategist at Pepperstone." 

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