Oil prices drop over 9 percent after Iran announces closure of Strait of Hormuz

Oil prices fell sharply by more than 9 percent at the end of the week, with Brent crude closing above $90 per barrel. The decline came after Iran's military announced on Saturday that it would again close the Strait of Hormuz, a critical shipping route for global oil supplies. The development raises uncertainty about oil price movements at the start of the coming week, as markets assess the potential impact on energy supplies through one of the world's most important oil transit chokepoints.