COMMODITY
Crude oil futures plunge as Iran reopens Strait of Hormuz
Apr-18-2026

Crude oil futures declined sharply on Friday amid easing supply concerns and reduced geopolitical tensions after Iran’s Foreign Minister announced that the Strait of Hormuz has been fully reopened to commercial shipping during the ceasefire period. However, U.S. President Donald Trump stated that the naval blockade imposed by U.S. forces on vessels moving to and from Iranian ports will remain in place until the U.S. transaction with Iran is 100% complete.

Benchmark crude oil futures for May delivery plunged by $10.84 or 11.45% to settle at $83.85 a barrel on the New York Mercantile Exchange. Brent crude for June delivery jumped by $09.01 or 9.07% to settle at $90.38 a barrel on London's Intercontinental Exchange. 


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