Global oil prices fell sharply on Friday, April 17, after Iran announced that the Strait of Hormuz would be “completely open” for commercial transit during the remaining days of the ceasefire deal between Iran and the United States.
This was disclosed by Iranian Foreign Minister Seyed Abbas Araghchi in a statement shared on X.
Reliable sources showed that Brent crude fell by 11.64% to $87.75 per barrel, while West Texas Intermediate (WTI) dropped by 11.55% to $83.4 per barrel, at the time of reporting. This marks the lowest level oil prices have traded in the last five weeks.
The Iranian government stated that the decision aligns with ongoing ceasefire efforts, declaring full access to one of the world’s most critical oil transit routes.
“In line with the ceasefire in Lebanon, the passage for all commercial vessels through the Strait of Hormuz is declared completely open for the remaining period of the ceasefire,” Iranian Foreign Minister Seyed Abbas Araghchi wrote in a post on X.
U.S. President Donald Trump, in his response on Truth Social, however, stated that the blockade by the U.S. Navy in the strait would remain in place to restrict Iranian oil shipments.
“The Strait of Hormuz is completely open and ready for business and full passage, but 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,” he said.
