Iran says Strait of Hormuz is open; oil prices fall 10%

April 17 (UPI) -- Iranian Foreign Minister Seyed Abbas Araghchi says the Strait of Hormuz is open Friday following a cease-fire in Lebanon, while oil prices decline.

The price of Brent crude oil fell by 10% to $89.20 per barrel Friday after again peaking over $100 when the United States began its blockade of the Strait of Hormuz earlier in the week. West Texas Intermediate also fell by 10.5% to $81.50 per barrel.

Oil prices remain elevated over what they were before the United States and Israel launched the war with Iran. Brent crude oil was $73 and U.S. crude was $67 per barrel.

The drop in oil prices and opening of the Strait of Hormuz coincides with Thursday's announcement that Israel and Lebanon have agreed to a cease-fire.

"In line with the cease-fire in Lebanon, the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of cease-fire," Araghchi wrote on social media.

Vessels seeking passage through the Strait of Hormuz must use a coordinated route directed by Iran's maritime authorities, Araghchi said.

U.S. stock markets posted gains on Friday morning, with the Dow up about 1.54% and the S&P 500 up 0.9%. The Nasdaq Composite has posted 12-consecutive days of gains.

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This story was originally published April 17, 2026 at 8:46 AM.