Oil prices experienced a significant decline on Friday, with Brent crude futures falling 9.07% to settle at $90.38 per barrel. This drop followed Iran's declaration that the Strait of Hormuz is open for all commercial vessels during the ongoing ceasefire. US West Texas Intermediate crude also saw a steep decline, settling down 11.45% at $83.85 per barrel. Analysts noted that the market is adjusting from the heightened risk premium established over the past weeks to a focus on normalizing oil flow. The recent easing of tensions and progress in US-Iran negotiations regarding nuclear weapons has contributed to this shift. Despite the positive developments, analysts warn that the European market may remain tight due to logistical delays in shipping. Additionally, US energy firms have reported a reduction in active oil and natural gas rigs for the second week in a row, indicating potential impacts on future oil production.