Oil falls over 10% after Trump signals open Hormuz

April 17, 2026 (MLN): Oil prices fell sharply after President Donald Trump said the Strait of Hormuz is open, signaling easing tensions in the Middle East and improving expectations for global supply stability.

Currently, Brent crude futures is down  by $10.13 , or 10.19%, to $89.26 per barrel, according to data by Mettis Global.

West Texas Intermediate (WTI) crude futures is down by $10.59, or 11.18%, to $84.10 per barrel by [6:40 pm] PST.

President Trump, on his truth social, stated that the Strait of Hormuz remains fully open for commercial passage, while a naval blockade targeting Iran will stay in place until ongoing negotiations are fully completed. He added that most key points have already been agreed upon and the process is expected to conclude quickly.

The conflict, which began on February 28, has been closely watched by energy markets due to concerns over crude export security.

Earlier, President Trump announced that Israel and Lebanon have agreed to a temporary ceasefire, set to take effect at 5 p.m. Eastern Time, with a 10-day pause in hostilities raising hopes for broader diplomatic progress.

He added that the ceasefire could serve as a foundation for longer-term peace efforts, with discussions expected to focus on border security, sovereignty recognition, and regional stability.

Furthermore, it was also indicated that Israeli Prime Minister Benjamin Netanyahu and Lebanese President Joseph Aoun may be invited to Washington for talks, while Lebanon is expected to address the presence of Hezbollah.

Copyright Mettis Link News