Oil prices have plunged on Friday morning amid news that a ceasefire in Lebanon means the Strait of Hormuz is fully open to commercial vessels.
President Trump announced the opening in a post on Truth Social.
🚨 BREAKING: The STRAIT OF HORMUZ is OPEN
— Eric Daugherty (@EricLDaugh) April 17, 2026
President Trump WINS!
"IRAN HAS JUST ANNOUNCED THAT THE STRAIT IS FULLY OPEN AND READY FOR FULL PASSAGE."
Gas about to PLUMMET!
Checkmate. 🇺🇸🇺🇸🇺🇸 pic.twitter.com/oJnnsgZZZT
The Iranian foreign minister, Seyed Abbas Araghchi also posted about the opening of Hormuz.
BREAKING: Iran's Foreign Minister says passage for Vessels through the Strait of Hormuz is now officially 'declared completely open':
— Fox News (@FoxNews) April 17, 2026
"In line with the ceasefire in Lebanon, the passage for all commercial vessels through Strait of Hormuz is declared completely open for the… pic.twitter.com/3SCwZGhvRF
"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 ceasefire, on the coordinated route as already announced by Ports and Maritime Organization of the Islamic Republic of Iran," Araghchi wrote on X.
Oil prices also plunged in the wake of this news.
Breaking: Oil prices plunged after Iran said the Strait of Hormuz is "completely open" to commercial vessels following a cease-fire in Lebanon https://t.co/o2ZxU8N8Ae
— The Wall Street Journal (@WSJ) April 17, 2026
At the time of this writing, oil was down to $81.80 per barrel, a 10 percent decrease.
Oil prices plunged after Iran said the Strait of Hormuz is "completely open" to commercial vessels following a cease-fire in Lebanon.
The comments from Iran's foreign minister on X came as a newly struck cease-fire between Israel and Lebanon appeared to be holding on its first day. The 10-day truce began at midnight local time after weeks of fighting between the Israeli military and the Iran-backed Lebanese militant group Hezbollah. President Trump said that he hopes Hezbollah “acts nicely and well during this important period of time.”
Iran had insisted that strikes on Lebanon must stop as part of any peace deal with the U.S. and Israel. Trump also said the U.S. might hold discussions with Iran this weekend. “We’re very close to making a deal,” he told reporters. He said he was open to traveling to Pakistan to close the deal with Iran.
The U.S.-led blockade of Iranian ports remains in effect, however, while the two nations continue to work on a peace agreement.