Iran opened the Strait of Hormuz for all vessels for 10 days. Oil prices plummeted
For the duration of the 10-day truce between Israel and Lebanon, the Strait of Hormuz will be open to all vessels without exception, stated Iranian Foreign Minister Abbas Araghchi on the social network X.
A vessel passes through the Strait of Hormuz on April 8, 2026. Photo: Shady Alassar / Anadolu via Getty Images
"In accordance with the ceasefire in Lebanon, passage for all commercial vessels through the Strait of Hormuz is declared fully open for the remaining period of the ceasefire along the agreed route, which was previously announced by the Ports and Maritime Organization of the Islamic Republic of Iran," Abbas Araghchi wrote.
Following this news, oil prices immediately plummeted.
June futures for Brent crude fell by 10.5% to $88.96 on the news of the opening of the Strait of Hormuz, according to data from the London exchange ICE Futures.
The price of futures for US WTI crude on the New York Mercantile Exchange NYMEX fell by 9% and reached $82.9 per barrel.
Iran had previously emphasized that stopping attacks on Lebanon is an important condition for a future peace agreement. Meanwhile, Tehran presents the truce as a success for the pro-Iranian group Hezbollah, which has significant influence in Lebanon.
The ceasefire starting April 17 was also announced yesterday by US President Donald Trump. He noted that the US wants to organize the first face-to-face meeting between the leaders of Israel and Lebanon in a long time.
Now, Trump has thanked Iran for opening the Strait of Hormuz in a post on his Truth Social platform, referring to the strait as "Iran's Strait":
"Iran just announced that Iran's Strait is fully open and ready for free passage. Thank you!"
According to sources from Axios, negotiations between the US and Iran are also progressing in parallel. The possibility of unfreezing about 20 billion dollars of Iranian funds in exchange for Iran's rejection of uranium stockpiles is being discussed.
European countries and Persian Gulf states, which have already felt the consequences of the conflict, are interested in extending the truce and maintaining shipping through the strait. A meeting of the European coalition is also planned, where long-term measures for stability in the region will be discussed.
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