New Delhi, April 17 -- Global energy markets experienced a dramatic correction on Friday as oil prices nosedived following the announcement that Iran has fully reopened the Strait of Hormuz.

The move effectively dismantled the "war-risk" premium that had gripped the market during the recent high-stakes standoff between Washington and Tehran.

Iran on Friday declared the Strait of Hormuz "completely open" for commercial transit. The move followed a 10-day ceasefire between Israel and Lebanon and an optimistic tone from the US administration regarding broader regional de-escalation

Benchmark Brent crude crashed 11% to around $88 a barrel, while US West Texas Intermediate fell 10% to $81.5 a barrel, as traders rushed to unwind the "war-ris...