Pakistan, April 17 -- Global oil prices fell sharply after Iran announced the reopening of the Strait of Hormuz for commercial shipping during the ceasefire period. The development is significant as the strait is a key route for global energy supplies. The news triggered immediate reactions in international energy markets.

Brent crude prices dropped by more than 11 percent following the announcement. West Texas Intermediate also fell sharply in response to easing supply concerns. Moreover, traders reacted to expectations of improved shipping stability in the region.

Read more: Iran opens Strait of Hormuz to commercial shipping

Iranian Foreign Minister Abbas Araghchi said the strait has been fully opened for commercial vessels. He state...