Oil prices have fallen sharply after Iran declared the Strait of Hormuz would remain "completely open" to merchant traffic throughout the ceasefire in the US-Israel conflict. Brent crude fell from above $98 to $88 per barrel after the statement by Iranian Foreign Minister Abbas Araghchi on Friday, providing relief to worldwide energy sectors that have been tested by extended periods of disrupted supply. The key maritime passage, through which roughly a fifth of the world's oil and liquified natural gas generally transits, has been largely shut since late February when American and Israeli military strikes led Iran to limit transit....