Global crude oil prices plunged immediately after Iran announced the Strait of Hormuz would be open for commercial ships during the ceasefire, easing concerns over the energy crisis and boosting recovery in global stock markets.
On 17 Apr 2026 GMT+7, global crude oil prices fell sharply. Brent crude, the global benchmark, dropped to around $88 per barrel, or about 3,200 baht, down from over $98 earlier the same day. The price decline followed Iran's announcement that commercial vessels could pass through the Strait of Hormuz as usual during the ceasefire, easing worries about global energy supply.
Iran’s Foreign Minister Abbas Araghchi stated that Iran would fully open the Strait of Hormuz to commercial ships throughout the ceasefire period. The market responded immediately. The Strait of Hormuz is a strategically vital shipping lane connecting the Persian Gulf with the Arabian Sea, with about one-fifth of the world’s crude oil and liquefied natural gas passing through it.
US President Donald Trump welcomed the opening of the Strait of Hormuz but emphasized that the naval blockade against Iran would remain in effect until a permanent peace agreement ends the war. However, some oil transport operators remain cautious, stating they are not yet ready to send ships through the strait until they are confident the situation is truly safe.
Previously, Iran had closed this strait in retaliation for attacks by the US and Israel since late February, causing oil prices to surge continuously, reaching over $119 per barrel in March.
Meanwhile, US and European stock markets rose in response to hopes that the energy crisis may ease. Analysts noted that while this news reduces short-term pressure on energy markets, the situation in the Middle East remains fragile and could cause oil prices to become volatile again if the ceasefire fails or new clashes occur.
Source: BBC