Just wait until we bomb tomorrow to cover the spread on oil futures for these oligarchs. Nothing about this war feels real in terms of motives.

Oil and gas prices fell sharply on Friday after Iran said the strait of Hormuz was open to commercial shipping, potentially clearing the way for tankers holding millions of barrels of oil and gas to reach the global market.

Iran’s foreign minister said vessels would be free to transit the strait of Hormuz for the duration of the 10-day ceasefire between Israel and Lebanon, which was struck on Thursday.

Brent crude, the international benchmark, fell more than 10% to $88.8 a barrel. That is well below a peak of $119 last month, but still much higher than the $72 before the war.

Donald Trump later said the US naval blockade on Iran’s use of the strait would remain in full force until Washington had struck a deal with Tehran. He said the process “should go very quickly” because “most of the points are already negotiated”.