Oil plunges 10% as Iran says Hormuz passage open during ceasefire
Oil prices plunged Friday after Iran's Foreign Minister Abbas Araghchi said the vital Strait of Hormuz was "completely open" for commercial tankers and cargo ships during the U.S.-Iran ceasefire.
International benchmark Brent North Sea crude plunged 10 percent to $89.11 a barrel, after earlier falling five percent on U.S.-Iran peace deal hopes.
The main U.S. contract, West Texas Intermediate, shed 11 percent to $84.11 a barrel.
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17/04/2026 - 17:40
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Hormuz passage 'completely open' to commercial ships during ceasefire: Iran FM
Tehran, Iran
17/04/2026 - 17:40 (UTC + 3)
war
iran
us
israel
ceasefire
lebanon
Iran's Foreign Minister Abbas Araghchi said Friday that the strategic Strait of Hormuz, vital for the global oil trade, will remain "completely open" to commercial ships as long as a ceasefire in the Middle East holds.
"The passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire," Araghchi said on X.
It was not clear whether he was speaking of the 10-day truce agreed by Lebanon and Israel that went into effect at midnight or an earlier two-week truce between Iran and the United States that began on April 8.
Iran, which sent shockwaves through the global economy by essentially blocking passage through the crucial Strait, had made the extension of a ceasefire to Lebanon a condition of opening the waterway, state media reported.
Lebanon was drawn into the broader war launched by the United States and Israel on February 28 when Hezbollah attacked Israel in support of Iran, its key ally.
An Iranian senior military official told the state broadcaster that only civilian vessels would be allowed passage through designated routes and with permission of the navy of Iran's Islamic Revolutionary Guard Corps.
"The passage of military vessels through the Strait of Hormuz remains prohibited," the official said.
US President Donald Trump welcomed the Iranian announcement that the narrow waterway would be open, but said the US naval blockade of Iranian ports would remain in place until a peace deal with Tehran was reached.
"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 said on his Truth Social network, adding that "this process should go very quickly".
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