{"id":138105,"date":"2026-04-17T15:02:56","date_gmt":"2026-04-17T15:02:56","guid":{"rendered":"https:\/\/chezaspin.com\/blog\/oil-prices-plunge-as-iran-says-strait-of-hormuz-open-during-ceasefire\/"},"modified":"2026-04-17T15:02:56","modified_gmt":"2026-04-17T15:02:56","slug":"oil-prices-plunge-as-iran-says-strait-of-hormuz-open-during-ceasefire","status":"publish","type":"post","link":"https:\/\/chezaspin.com\/blog\/oil-prices-plunge-as-iran-says-strait-of-hormuz-open-during-ceasefire\/","title":{"rendered":"Oil prices plunge as Iran says Strait of Hormuz \u2018open\u2019 during ceasefire"},"content":{"rendered":"<p><strong>WASHINGTON, Apr 17 \u2013 Oil prices have plummeted after Iran said the Strait of Hormuz would be \u201ccompletely open\u201d to commercial ships for the remainder of the ceasefire.<\/strong><\/p>\n<p>The cost of a barrel of Brent crude fell to $88 dollars a barrel, having been above $98 earlier on Friday.<\/p>\n<p>The Strait of Hormuz is a narrow strip of water linking the Gulf to the Arabian sea, through which a fifth of the world\u2019s oil and liquified natural gas is typically transported.<\/p>\n<p>\u201cThe passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire,\u201d Iranian Foreign Minister Abbas Araghchi said.<\/p>\n<p>Global markets also rallied on the announcement, with the major US stock indices rising in early trading. The S&amp;P 500 rose by 0.8%, while the Nasdaq and Dow Jones Industrial Average (DJIA) were both up by more than 1%.<\/p>\n<p>European shares also rose in reaction to the news. The Cac index in Paris and Dax in Frankfurt both climbed by more than 2%, while London\u2019s FTSE 100 rose by around 0.5%.<\/p>\n<p>The Strait of Hormuz has been effectively shut by Iran since the US and Israel launched military strikes in the country in late February.<\/p>\n<p>Tankers have been unable to pass through, drastically reducing the amount of oil and gas available on global markets and causing prices to spike.<\/p>","protected":false},"excerpt":{"rendered":"<p>WASHINGTON, Apr 17 \u2013 Oil prices have plummeted after Iran said the Strait of Hormuz would be \u201ccompletely open\u201d to commercial ships for the remainder of the ceasefire. The cost of a barrel of Brent crude fell to $88 dollars a barrel, having been above $98 earlier on Friday. The Strait of Hormuz is a [&hellip;]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-138105","post","type-post","status-publish","format-standard","hentry","category-uncategorized","entry"],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"","jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/posts\/138105","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/comments?post=138105"}],"version-history":[{"count":0,"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/posts\/138105\/revisions"}],"wp:attachment":[{"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/media?parent=138105"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/categories?post=138105"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/tags?post=138105"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}