Iran's announcement that the Strait of Hormuz is now fully open has led to a significant drop in global oil prices. On Friday, Brent crude futures fell by $9.01, settling at $90.38 per barrel, while U.S. West Texas Intermediate crude dropped $10.48 to close at $83.85. This easing of tensions follows U.S. President Donald Trump's remarks about a potential agreement to resolve the U.S.-Israeli conflict with Iran. However, analysts remain cautious, suggesting that oil prices may stabilize in the $85 to $90 range but could rise to $110 if disruptions occur again. The Strait of Hormuz, a vital transit route for approximately 20 million barrels of oil daily, is crucial for global oil supply stability. Despite the current relief, experts indicate that crude oil may be entering a structurally higher price phase, with a return to pre-war levels of $70 to $75 taking several months.