Trump and Iran Announce Strait of Hormuz Open, Oil Markets Clearly Confused
KEY POINTS
- •Iranian foreign minister Abbas Araghchi posted on X that the Strait of Hormuz is fully open along a coordinated route.
- •President Trump thanked Iran for the announcement on Truth Social, highlighting the rare mutual messaging moment.
- •Following these declarations and ceasefire talks, Brent crude dropped to $88.90 per barrel, the lowest in a month.
On Friday, oil prices did the financial equivalent of falling on the ice—dropping over 10%—after Trump and Iran’s foreign minister Abbas Araghchi both declared the Strait of Hormuz, the global energy chokehold shipping lane handling nearly 25% of seaborne oil, 'completely open.' Abbas posted on X that commercial vessels should follow the thoroughly 'coordinated route' by Iran’s Ports and Maritime Organisation like well-behaved children, while Trump simultaneously thanked them on Truth Social, like a guy who just got free oil for Christmas. Brent crude slid to $88.90/barrel, a one-month low, and WTI dipped to $83.35 amid talks of ceasefire progress, leaving traders wondering if the Strait’s more open than their 2 a.m. DMs.
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(1 of 3)When Iran and Trump agree on something, oil prices tank faster than your favorite influencer’s credibility after a bad tweet. Strait of Hormuz just went from geopolitical horror to ‘well, maybe’ real fast.
Oil prices dropped 10% because Trump and Iran casually said ‘yeah, it’s open’ and traders collectively blinked twice before believing anything.
Strait of Hormuz now 'open' according to Iran & Trump. Pretty sure my local coffee shop serves more consistent announcements.
Source: Axios | Published: 4/17/2026 | Author: Ben Geman
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