Oil prices fell sharply while U.S. stock markets rallied after Iran signaled a temporary easing of tensions by reopening the Strait of Hormuz, CNN reported.
Iranian Foreign Minister Abbas Araghchi said the key shipping route would remain fully open for commercial transit during the ceasefire period.
🔴 BREAKING: Oil drops 10 percent as Iran says the Hormuz Strait is open during the ceasefire.https://t.co/sdcJaDlM9M pic.twitter.com/AczW3S9tym
— Al Arabiya English (@AlArabiya_Eng) April 17, 2026
Brent crude dropped 10% to around $89 per barrel, while U.S. crude declined more than 10%, hitting a five-week low, according to the report. The move followed a 10-day ceasefire agreement between Israel and Lebanon, announced by President Donald Trump.
Markets responded swiftly. The Dow Jones rose over 600 points, while the S&P 500 and Nasdaq also posted gains, extending a strong rally fueled by lower oil prices and easing geopolitical fears.
Investors view the Strait’s reopening as a critical step in stabilizing global energy flows. However, oil prices remain elevated compared to pre-war levels, reflecting ongoing uncertainty in the region.
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