Oil prices plunge on claims Strait of Hormuz is open

Data: Financial Modeling Prep; Chart: Ben Geman/AxiosOil prices dropped over 10% Friday after President Trump and Iran's foreign minister claimed the Strait of Hormuz — the world's most critical energy shipping lane — is open for transit.Why it matters: The steep selloff signals traders see a real sign that the unprecedented throttling of oil and petroleum product flows could significantly ease.The drop also follows signs of continued progress in ceasefire negotiations.Driving the news: "In line...