US EditionStocks surge and oil prices plunge after Iran reopens Strait of Hormuz
Oil prices fell more than 10% as Iranian authorities said the key shipping route was open for commercial traffic, easing supply fears.
- On Friday, Iranian Foreign Minister Seyed Abbas Araghchi declared the Strait of Hormuz "completely open" for commercial traffic during the 10-day ceasefire between Israel and Lebanon, marking the first full reopening since the conflict began.
- The waterway had been effectively closed since the conflict between the United States, Israel, and Iran began on February 28, causing a severe oil supply shock that disrupted global trade and forced prices higher.
- Benchmark U.S. crude plunged more than 10% to just over $81 per barrel immediately after the announcement, while the Dow Jones Industrial Average soared 1,005 points as markets priced in restored supply flows.
- President Donald Trump celebrated the reopening but stated the U.S. naval blockade of Iranian ports will remain "in full force and effect" until a transaction with Iran is 100% complete.
- Analysts including Kathleen Brooks, research director at XTB, caution the reopening remains conditional on the fragile 10-day ceasefire, warning that supply relief could prove temporary if hostilities resume.
209 Articles
209 Articles
Crude oil slumps after reopening of Hormuz drains geopolitical risk from markets
Iran allows commercial shipping through Hormuz during ceasefire.Araghchi says route fully open for remaining ceasefire period.Brent settles at $90.38, down 9.1%; WTI fell below $90.Oil prices tumbled on Friday after Iranian officials said they...
View: The Hormuz crisis is far from over
Washington and Tehran announced an opening of the Strait of Hormuz, a tentative breakthrough in the global energy crisis — but one that only makes the oil market more distorted.US oil prices plunged after Iran’s foreign ministry said that the strait was “completely open for the remaining period of ceasefire” with the US, which is due to end April 22. Shortly after the statement was released, US Commerce Secretary Howard Lutnick told Semafor’s ed…
Gas prices poised to fall as oil plunges on Strait of Hormuz reopening, but full relief could take months
Relief is in sight for drivers stung by weeks of soaring gas prices, but analysts warn it won’t come overnight. Oil prices plunged Friday after Iran declared the Strait of Hormuz is “completely open” to commercial shipping during a 10-day ceasefire between Israel and Lebanon. Despite the drop in crude, prices at the pump have yet to catch up. The national average for a gallon of regular gasoline remains above $4, and in the Seattle area, the ave…
There is prevailing optimism among investors that the war between the United States and Iran may be nearing its end.
After 47 Days Stuck in the Middle East, a Cruise Ship Has Reportedly Cleared the Strait of Hormuz
After more than a month stuck in the Persian Gulf due to ongoing military conflict in the Middle East, a cruise ship has cleared the Iran-controlled Strait of Hormuz. According to trackers from VesselFinder and CruiseMapper, Greece-based Celestyal Cruises’ 'Discovery' ship passed through the waterway on April 17.
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