Oil falls by 11% after Iran’s foreign minister declares Strait of Hormuz open

April 17 (Reuters) - Oil prices plunged by about 11% on Friday, extending earlier losses, after Iran's foreign minister said ​that passage for all commercial vessels through the Strait of ‌Hormuz was open for the remaining ceasefire period.

Brent crude futures were $10.59, or 10.7%, lower at $88.80 a barrel at 1340 GMT, after falling to a session low of $87.71. U.S. West Texas ​Intermediate crude futures were down $10.80, or 11.4%, at $83.89 a barrel, after ​touching $83. Both contracts were trading at their lowest since March ⁠11.