Original Source
Iran Announces 'Full Opening' of Hormuz Strait, Oil Prices Plunge
Hormuz Strait Reopening and Oil Price Drop
Iran announced on the 17th that it would fully open the Hormuz Strait to commercial vessels during a ceasefire with the United States and Israel. Following this declaration, Brent crude oil prices plummeted from over $98 per barrel to $88. This marks a reversal of the previous situation where the de facto blockade of the strait by Iran's military actions had caused a sharp rise in international oil prices.
Global Market Reaction and Strait's Importance
Iranian Foreign Minister Abbas Aragchi conveyed this decision via social media 'X', which was welcomed by US President Donald Trump. Global stock markets surged in response to the news; the US S&P500 index rose by 1.2%, and the Paris CAC and Frankfurt DAX indices each increased by approximately 2%. The Hormuz Strait is a critical waterway through which about 20% of the world's crude oil and liquefied natural gas passes, and this decision to open it is expected to have a significant impact on the global energy market.
*Source: BBC (2026-04-18)*
