Crude oil plunges over 10% after Iran declares Strait of Hormuz open
This story was originally published at 20:28 IST on 17 April 2026
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--WTI crude oil plunges over 10% after Iran declares Strait of Hormuz open
NEW DELHI – Crude oil prices plunged over 10% Friday on the NYMEX after Iran said the Strait of Hormuz was fully open to commercial vessels, easing concerns over supply disruptions. The strait will remain open for the duration of the ceasefire between Israel and Lebanon.
"In line with the ceasefire in Lebanon, the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire, on the coordinated route as already announced by Ports and Maritime Organisation of the Islamic Rep. of Iran," Iran Foreign Affairs Minister Seyed Abbas Araghchi said on X.
At 1926 IST, the most-active June contract of West Texas Intermediate crude oil on the NYMEX was down 10.2% at $81.84 per barrel. Earlier in the day, the contract hit a five-week low of $80.42 following the announcement.
The US President Donald Trump said on Truth Social, "IRAN HAS JUST ANNOUNCED THAT THE STRAIT OF IRAN (Hormuz) IS FULLY OPEN AND READY FOR FULL PASSAGE. THANK YOU!," However, he did not ease blockades against Iran. "The Naval blockade will remain in full force and effect as it pertains to Iran, only, until such time as our transaction with Iran is 100% complete."
Trump had on Thursday announced a 10-day ceasefire deal between Lebanon and Israel, and said Washington was working to arrange a first-ever meeting between the leaders of the two countries to negotiate ending hostilities. Tehran has insisted that a ceasefire in Lebanon is a precondition for agreeing to end the war. Iran had earlier agreed to open the strait following a ceasefire with the US, but had closed it in less than 24 hours after Israeli strikes killed more than 100 people in Lebanon.
In March, Brent crude futures on Intercontinental Exchange had surged to nearly $120 per barrel, while West Texas crude on NYMEX rose to almost $100 per barrel amid escalating conflicts in West Asia. Oil prices were trading around $67 per barrel on NYMEX and $73 per barrel on ICE before the US and Israel attacked Iran on Feb. 28
Although benchmark crude oil prices fell by more than 12% in April, they remain more than 40% higher than a year ago. "Oil eased, but the market is still trading on diplomacy headlines rather than calm nerves," Dow Jones quoted analysts at Saxo Bank as saying. "The broader supply story has not gone away, with disruptions to Middle East production still feeding into the physical market, suggesting prices may remain elevated even if diplomacy progresses." End
US$1 = INR 92.93
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Afra Abubacker
Edited by Saji George Titus
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