Oil prices experienced a significant decline on Friday, with Brent crude falling nearly 10% to $89.11 per barrel and West Texas Intermediate (WTI) dropping 11% to $84.11 per barrel. This sharp correction followed statements from Iran's Foreign Minister Abbas Araghchi, confirming that the Strait of Hormuz, a crucial maritime route, remains open for global shipping, alleviating concerns about supply disruptions during the ongoing US-Iran ceasefire. The market was further buoyed by former US President Donald Trump's remarks about Iran's commitment to refrain from pursuing nuclear weapons for over two decades. The geopolitical landscape has also shifted with a 10-day ceasefire between Israel and Hezbollah, which is expected to facilitate broader diplomatic efforts involving the US and Iran. Despite this temporary relief, analysts caution that oil prices may remain volatile, with expectations of WTI trading between $80 and $100 until a formal agreement is reached. Some analysts from Macquarie suggest that even with easing tensions, crude prices could stabilize in the $85 to $90 range, with potential upward movement towards $110, while prolonged disruptions could push Brent prices to as high as $150 per barrel.