Iranian officials have stated that the Strait of Hormuz is open to commercial ships, but there is confusion over whether this is true. The announcement was seen as a major breakthrough that would significantly disrupt global energy supplies. The U.S. benchmark, West Texas Intermediate crude, settled down 12% at $83.85 per barrel and Brent crude futures ended the day down 9%. Iran's Foreign Minister Seyed Abbas Araghchi initially stated the strait was "completely open" for the remainder of the ceasefire with the US and Israel. However, Iranian media aligned with the Revolutionary Guard issued conditions for safe passage similar to those imposed by Tehran for weeks. The world's largest shipping association BIMCO advised vessels Friday to avoid the Strait due to the threat of mines. Despite diplomatic efforts by the US, Iran's President Donald Trump, remains in place and threats to reopen the straits if the U.K. naval blockade of Iran is not lifted. The disruption of energy supplies will continue to grow, particularly affecting countries dependent on Mideast oil.