Oil Prices Plummet 10%, Lowest in a Month After Hormuz Strait Opens

Jakarta, CNBC Indonesia - Oil prices plunged after Iran declared the Strait of Hormuz fully open, following the announcement of a ceasefire between Israel and Lebanon. According to Refinitiv, Brent crude prices closed on Friday (17/4/2026) at US$90.38 per barrel, a drop of 9.07%. This weakness interrupted a 4.9% surge over the previous two consecutive days. Yesterday’s closing price also marked the lowest since 10 March 2026, or more than a month ago. WTI crude prices closed at US$83.85 per barrel, down 11.5%. Yesterday’s price was also the lowest since 10 March 2026. Over the week, WTI oil prices fell 13.2% while Brent dropped 5.1%. The price weakness has occurred over the past three weeks. Since the war erupted on 28 February 2026, oil prices had soared, reaching a high on 31 March 2026 of US$199.24 per barrel. This means Brent oil on Friday had fallen 32% from that peak. On Friday, Iran stated that the Strait of Hormuz is open to commercial ships during the ceasefire period between Israel and Lebanon. However, confusion immediately arose regarding whether the sea route is truly open without conditions. “In line with the ceasefire in Lebanon, the shipping route for all commercial vessels through the Strait of Hormuz is declared fully open for the remainder of the ceasefire period,” said Iran’s Foreign Minister Seyed Abbas Araghchi via social media, quoted from Reuters. However, vessels must pass through a “coordinated route” announced by Iran’s maritime authorities, said Araghchi. It remains unclear whether Iran will require ships to pay toll fees to cross the strait. Although President Donald Trump demanded the full opening of the Strait of Hormuz, ship traffic remains nearly halted. Iran has indeed stated that the route is reopened, but only ships passing through a specific route are considered safe. Shipping companies are still awaiting clarity before resuming normal operations.