Oil prices tumble more than 10% as Iran declares Strait of Hormuz open, easing supply fears
Source: CNBC
Published Thu, Apr 16 2026 8:40 PM EDT Updated 14 Min Ago
Oil prices tumbled Friday after Iranian Foreign Minister Seyed Abbas Araghchi declared the Strait of Hormuz "completely open" during the ceasefire between Israel and Lebanon, raising hopes of easing supply disruptions. Araghchi's comments on X followed remarks by U.S. President Donald Trump, who said late Thursday that the war in Iran "should be ending pretty soon."
U.S. crude oil futures for May delivery fell 9.8% to $85.37 per barrel. International benchmark Brent for June delivery tumbled 9.1% to $90.38 per barrel. In the social media post, Araghci said vessels traveling through the critical waterway must sail a "coordinated route" prescribed by Iran's maritime authorities.
Trump on Thursday said that "the war in Iran is going along swimmingly," reiterating rosy predictions about the end of the war that began on Feb. 28. Hours earlier, Trump said in a Truth Social post that a 10-day ceasefire between Israel and Lebanon is set to begin at 5 p.m. ET.
He added that Israeli Prime Minister Benjamin Netanyahu and Lebanese President Joseph Aoun would be invited to the White House for what he described as the first meaningful talks between the two countries since 1983.
Read more: https://www.cnbc.com/2026/04/17/oil-prices-wti-brent-israel-lebanon-ceasefire-trump.html
Article updated.
Previous article/headline -
Oil prices tumble more than 9% as Iran declares Strait of Hormuz open
Oil prices tumbled Friday after Iranian Foreign Minister Seyed Abbas Araghchi declared the Strait of Hormuz "completely open" during the ceasefire between Israel and Lebanon, raising hopes of easing supply disruptions. Araghchi's comments on X followed remarks by U.S. President Donald Trump, who said late Thursday that the war in Iran "should be ending pretty soon."
U.S. crude oil futures for May delivery fell 9.8% to $85.37 per barrel. International benchmark Brent for June delivery tumbled 9.1% to $90.38 per barrel. In the social media post, Araghci said vessels traveling through the critical waterway must sail a "coordinated route" prescribed by Iran's maritime authorities.
Trump on Thursday said that "the war in Iran is going along swimmingly," reiterating rosy predictions about the end of the war that began on Feb. 28. Hours earlier, Trump said in a Truth Social post that a 10-day ceasefire between Israel and Lebanon is set to begin at 5 p.m. ET.
He added that Israeli Prime Minister Benjamin Netanyahu and Lebanese President Joseph Aoun would be invited to the White House for what he described as the first meaningful talks between the two countries since 1983.
Original article -
Oil prices fell after U.S. President Donald Trump said that the war in Iran "should be ending pretty soon," while a ceasefire between Israel and Lebanon raised hopes of easing supply disruptions. U.S. crude oil futures for May delivery fell 1.44% to $93.33 per barrel. International benchmark Brent for June delivery declined 1.29% to $98.1 per barrel.
Trump on Thursday said that "the war in Iran is going along swimmingly," reiterating rosy predictions about the end of the war that began on Feb. 28. Hours earlier, Trump said in a Truth Social post that a 10-day ceasefire between Israel and Lebanon is set to begin at 5 p.m. ET.
He added that Israeli Prime Minister Benjamin Netanyahu and Lebanese President Joseph Aoun would be invited to the White House for what he described as the first meaningful talks between the two countries since 1983.
The U.S. State Department said both sides aimed to create conditions for lasting peace, including mutual recognition of sovereignty. The department said the effort included improved border security and reaffirmed Israel's right to self-defense. It also noted shared concerns over non-state armed groups from undermining Lebanon's sovereignty.
= new reply since forum marked as read
https://www.pbs.org/newshour/world/trump-and-irans-foreign-minister-declare-strait-of-hormuz-is-fully-open
In announcing the reopening of the strait to commercial vessels on Friday, Iran stressed that ships should stick to a designated route through the far north of the narrow shipping lane, which it previously said was necessary to avoid sea mines.
It's not clear how the U.S. will verify that all mines have been removed from the strait, but American Navy warships carried out at least one mine-clearing mission, a week ago, through the strait.
Last week, the New York Times reported that Iran could not locate all of the mines it had set in the waterway, and could not remove them all, citing U.S. officials.
https://www.cbsnews.com/live-updates/iran-war-trump-israel-lebanon-ceasefire-hezbollah-strait-hormuz/#post-update-969983b8
...
Mines are quick and easy to lay, but their clearance is laborious and dangerous. Although the strait is narrow, the mined passage represents a large area and crewed US minesweepers would be easy targets in the event of a resumption of hostilities.
The best, and least risky, option for the US would be to use uncrewed marine mine-hunting vehicles. Those include the Knifefish undersea mine hunter, a submersible device, and the MCM anti-mine vessel, which looks like a speed boat.
https://www.theguardian.com/world/2026/apr/16/strait-of-hormuz-mines-iran-us
(the beige area has been declared "hazardous" by Iran; the blue lanes are the ones used since the attack on Iran, presumably easier for Iran to control with surface vessels and land-based weapons).
