Oil plunges, stocks jump as Iran declares Hormuz open

Oil prices plunged more than 10% on Friday (April 17, 2026) after Iran said the Strait of Hormuz would be “completely open” for the rest of the ceasefire with the United States, and stock markets surged.

Iran’s Foreign Minister Abbas Araghchi said on X that “passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire”.