World oil prices plunged on Friday on the confirmation that the Strait of Hormuz was open for commercial traffic, with the U.S. stock market’s Dow Jones average exploding more than 2% on the news.
It is the latest ripple effect from President Donald Trump’s “Operation Epic Fury” launched some six weeks ago to make sure that the rogue Islamic regime in Iran was no longer able to threaten the world with its agenda for nuclear weapons, mounted on missiles.
Some 20% of the world’s oil supply goes through the Strait, off the coast of Iran.
A report at Fox said a senior Iranian official said ships transiting during a ceasefire will go through designated lanes that Iran has claimed are safe for navigation.
Shipping companies say they want more details before dispatching ships with loads worth billions into the waters.
President Donald Trump confirmed his naval blockade on Iran will remain “in full force” until the “transaction with Iran is 100% complete.”
Oil prices fell more than 10% on the word of the shipping provisions during a 10-day ceasefire between Israel and Lebanon, which is home to the Iran-sponsored militants of Hezbollah, who have been bombing Israel.
Trump announced that ceasefire just a day earlier.
BREAKING: Iran’s Foreign Minister announces that the Strait of Hormuz has officially re-opened following the U.S. naval blockade in the region. pic.twitter.com/xGvlQB3aWr
— Fox News (@FoxNews) April 17, 2026
🚨 LMAO! President Trump says NATO just called him offering to help with the Strait of Hormuz — MINUTES AFTER he and the Iranians announced its full reopening
And President Trump told them to GET LOST 🤣
What a USELESS organization
“Now that the Hormuz Strait situation is… pic.twitter.com/79R178pzeT
— Nick Sortor (@nicksortor) April 17, 2026
🚨 UPDATE: President Trump says the U.S. Navy blockade of Iranian ships will CONTINUE until the the deal with Iran is 100% FINALIZED
“THIS PROCESS SHOULD GO VERY QUICKLY IN THAT MOST OF THE POINTS ARE ALREADY NEGOTIATED.”
Otherwise — “THE STRAIT OF HORMUZ IS COMPLETELY OPEN AND… https://t.co/GBJhxkQwfP pic.twitter.com/lWLfFVsNJT
— Nick Sortor (@nicksortor) April 17, 2026
Fox reported, “Prices for West Texas Intermediate crude fell over 10% to under $85 a barrel, while Brent crude oil prices dropped more than 10% to around $89 a barrel.”
It was Iranian Foreign Minister Abbas Araghchi who confirmed the Strait was open for “all commercial vessels.”
Trump said, on social media, the Strait is “COMPLETELY OPEN AND READY FOR BUSINESS AND FULL PASSAGE, BUT THE NAVAL BLOCKADE WILL REMAIN IN FULL FORCE AND EFFECT AS IT PERTAINS TO IRAN, ONLY, UNTIL SUCH TIME AS OUR TRANSACTION WITH IRAN IS 100% COMPLETE.”
Oil had reached up to $119 a barrel because of Iran’s intervention in the market during the height of “Epic Fury.”
Iran did that by placing mines in the Strait.
Knut Arild Hareide, of the Norwegian Shipowners’ Association, told Reuters that if the announcement “represents a step towards an opening, it is a welcome development.”
“However, the situation remains unresolved, with a number of outstanding uncertainties, including questions related to the presence of sea mines, applicable Iranian conditions, and practical implementation,” Hareide added. The Norwegian group represents 130 companies with about 1,500 vessels operating globally, reports said.
The Daily Mail said after the reopening announcement, Trump took aim at NATO.
“Now that the Hormuz Strait situation is over, I received a call from NATO asking if we would need some help,” Trump wrote. “I TOLD THEM TO STAY AWAY, UNLESS THEY JUST WANT TO LOAD UP THEIR SHIPS WITH OIL. They were useless when needed, a Paper Tiger!”
Trump previously had criticized NATO for its refusal to respond to his requests.
Iran’s announcement 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.”
Iran previously had insisted the Strait would only fully reopen if Israel agreed to a ceasefire in Lebanon, where Tehran-backed Hezbollah is active. On Thursday, Trump announced a 10-day ceasefire between Israel and Lebanon following a phone call with Benjamin Netanyahu.
Trump had revealed a naval blockade of the route earlier when peace talks being held in Pakistan collapsed due to Iranian deamdsn.
More talks are being assembled.
