New Delhi: Oil prices witnessed a sharp decline on Friday, 17 April 2026, after Iran signalled that it would open the Strait of Hormuz to global shipping. Brent crude fell by nearly 10% to $89.11 per barrel. Specifically, Iran stated that the Strait of Hormuz is fully open to all commercial vessels. This announcement by Iranian Foreign Minister Abbas Araghchi came just one day after U.S. President Donald Trump announced a 10-day ceasefire between Lebanon and Israel.
What Did Abbas Araghchi Say?
In a post on the social media platform ‘X’, Iranian Foreign Minister Abbas Araqchi stated: “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 the ceasefire, on the coordinated route as already announced by Ports and Maritime Organisation of the Islamic Rep. of Iran.”
However, he noted that vessels must adhere strictly to the routes previously designated by Iran’s Ports and Maritime Organisation. Minutes later, President Trump shared this announcement in a post on ‘Truth Social’. Trump remarked, “Iran has just announced that the Strait of Iran is fully open and ready for full passage. Thank You!”
The Impact of Trump’s Remarks
Comments made by Donald Trump also influenced market sentiment. Specifically, Trump had indicated that Iran signalled it would not attempt to develop nuclear weapons for the next two decades.
He had previously stated: “We are very close to reaching an agreement with Iran.” Prices had dropped by approximately 5% amidst rising hopes regarding a potential agreement between the United States and Iran. The US benchmark, West Texas Intermediate (WTI), also witnessed a sharp decline, falling 11% to reach $84.11 per barrel.
Nevertheless, this move by Iran is being viewed as a significant signal toward de-escalating regional tensions and facilitating the smooth flow of international maritime trade. It is worth noting that the Strait of Hormuz is one of the world’s most critical oil transit routes; consequently, the resumption of traffic through this waterway is expected to provide major relief to both the global energy market and the shipping industry.
What did France and Britain say?
Meanwhile, leaders from France and Britain welcomed the announcement regarding the reopening of the Strait of Hormuz, though they emphasized that this measure must be made permanent. President Emmanuel Macron and British Prime Minister Keir Starmer stated that they would continue to plan for an international mission aimed at restoring maritime security—a process that will involve a meeting of military planners in London next week. Starmer remarked that the announcement by Iran and the US regarding the reopening of the waterway must evolve into a proposal that is both permanent and practical.
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