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Oil plunges 10% as Iran says Hormuz passage open during ceasefire

Middle East News

17-04-2026 | 09:38

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Oil plunges 10% as Iran says Hormuz passage open during ceasefire

Oil prices plunged Friday after Iran's Foreign Minister Abbas Araghchi said the vital Strait of Hormuz was "completely open" for commercial tankers and cargo ships during the U.S.-Iran ceasefire.

International benchmark Brent North Sea crude plunged 10 percent to $89.11 a barrel, after earlier falling five percent on U.S.-Iran peace deal hopes.

The main U.S. contract, West Texas Intermediate, shed 11 percent to $84.11 a barrel.

AFP

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Ceasefire

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