Brent Crude Oil Price Today April 17, 2026: Why Traders Are Suddenly Turning Cautious? Here’s How How Global Crude Oil Prices Are Impacting Market Sentiments

Crude oil prices just tumbled about 10% after Iran said the Strait of Hormuz is now “completely open” to all commercial ships, at least until the ceasefire with the United States ends. Brent crude, the global benchmark, sank 10.73% to $88.73 a barrel. Over in the US, West Texas Intermediate futures dropped 10.82% to $84.44. This is the biggest drop in oil prices in the last six weeks. Lately, prices have stayed high as tensions in the Middle East kept growing.

Crude Oil Prices Crash Over 10% After Iran Reopens Strait of Hormuz

Iran had closed the Strait of Hormuz, the choke point for around 20% of the world’s oil and gas shipments, after the US and Israel launched attacks on February 28.

Up until just days ago, analysts warned oil could skyrocket to $150 a barrel if fighting dragged on. Iran had signalled its allies, the Houthis in Yemen, were ready to block supplies through the Bab al-Mandab Strait in the Red Sea.

Iranian Foreign Minister Abbas Araghchi makes the big announcement

The oil price drop came almost immediately after Iranian Foreign Minister Abbas Araghchi announced on social media that Hormuz would reopen after weeks of closure. Still, he made it clear that the strait stays open only as long as the ceasefire between Washington and Tehran holds.

He wrote on X, “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 the ceasefire, on the coordinated route as already announced by Ports and Maritime Organisation of the Islamic Rep. of Iran.”

The current truce ends on April 21, but most people expect both sides to extend it.

How did Donald Trump react? 

At the same time, US President Donald Trump jumped on Truth Social to announce, “Iran has just announced that the Strait of Iran is fully open and ready for full passage.”

Several news outlets reported that Trump thanked Iran for opening the strait in his post.

On Truth Social, Trump wrote that the Strait of Hormuz is still “completely open” for commercial shipping, even though the US naval blockade targeting Iran continues. He said, “The Strait of Hormuz is completely open and ready for business and full passage, but the naval blockade will stay in full force and effect as it pertains to Iran only, until our transaction with Iran is 100% complete.”

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