Iran’s Foreign Minister Abbas Araghchi declared the Strait of Hormuz fully open to all commercial vessels for the duration of the ceasefire in a post on social media X on Friday.

“In line with the ceasefire in Lebanon, the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire,” Araghci said.

In line with the ceasefire in Lebanon, the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire, on the coordinated route as already announced by Ports and Maritime Organisation of the Islamic Rep. of Iran.

— Seyed Abbas Araghchi (@araghchi) April 17, 2026

The announcement landed like a detonation in energy markets.

WTI crude, as tracked by the United States Oil Fund (NYSE:USO), plunged over 14% to $81 a barrel and Brent fell 10% to $89.

The move accelerates a rout already underway: crude is now heading for its second consecutive week of losses and sits more than $30 below its March highs, as traders price out the scenario they had spent weeks pricing in.

Chart: Oil Prices Plunge 14% After Iran Announces The Reopening Of The Strait of Hormuz

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