Oil prices crash as Strait of Hormuz tensions escalate again.

Oil prices have crashed below the $91 mark after weeks of volatility. A fresh crisis threatens the Strait of Hormuz as tensions rise again.

Brent crude fell over 9 percent on Friday. The benchmark price dropped to $90.38 per barrel. This is the lowest level seen since March 10.

Iran announced the strait was open during a ceasefire in Lebanon. President Donald Trump expected a deal to end the war soon.

Iranian Foreign Minister Abbas Araghchi declared the waterway completely open. He stated it would stay open for the 10-day ceasefire.

Trump hailed the move but warned the US Navy blockade remains. He insisted ports stay blocked until a peace deal is reached.

However, Iran reversed its decision on Saturday. Tehran warned it would block transit again if the blockade continues.

The US maintains the blockade until Tehran agrees to terms. This includes resolving issues related to its nuclear program.

About one-fifth of global oil flows through this narrow channel. Further restrictions would squeeze supply and drive prices higher.

Pakistani officials are pushing for more talks between Washington and Tehran. They aim to act before the April 22 ceasefire deadline.

Maritime tracking data showed a surge in vessel movements Saturday. The strait sits between Iran, the UAE, and Oman.

Analyst Michelle Wiese Bockmann noted the waterway was unusually busy. She said it was the busiest seen since the war began.

Traffic remains low compared to pre-conflict levels. Iran only allows vetted ships to pass since fighting started.

Near-total closure has triggered a historic energy shock. Governments have rolled out emergency measures to cope with high fuel costs.

Prices have swung wildly since strikes launched on February 28. They hit a peak of $119 a barrel on March 19.

Communities face rising costs and potential supply shortages. The situation remains unstable and requires careful diplomatic attention.