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Fri, 17 Apr 2026

Fri, 17 Apr 2026 Oil prices plunge as Iran says Strait of Hormuz 'open' during ceasefire

Brent crude sinks by a tenth after Iran says the key waterway is open for commercial ships for the rest of the ceasefire.

* Brent crude falls to $88 (£65) a barrel from above $98 earlier in the day.
* 20% of global oil and liquified natural gas is transported through the Strait of Hormuz, which has been effectively shut since US and Israel launched military strikes against Iran in late February.
* Before the conflict, Brent crude was trading at under $70 per barrel.
* It rose above $100 before reaching a peak of over $119 per barrel in March.
* Despite Iran's announcement, global markets are still cautious, with some shipping companies advising operators to avoid the area due to ongoing risks.
* The International Maritime Organization is verifying details behind Iran's commitment to reopening the Strait of Hormuz.
* Sharp rises in oil prices have pushed up petrol and diesel prices for drivers, as well as sparking concerns over supply of jet fuel, fertiliser, and food.
* US President Donald Trump welcomed Iran's statement but said a naval blockade of Iran will remain "in full force and effect" until a permanent deal to end the conflict is agreed.