Trump gloats as oil prices plummet in wake of Iran's surprise opening of Strait of Hormuz
April 17, 2026
After Iran reopened the Strait of Hormuz during a Lebanon ceasefire, oil prices tanked as Donald Trump took to Truth Social to claim victory and demand a deal
Global oil prices experienced a dramatic plunge following Iran's surprise announcement on Friday that it has reopened the crucial Strait of Hormuz to commercial shipping. The move comes after the waterway, a chokepoint for a fifth of the world's oil supply, was closed in late February amidst a wider conflict involving Iran, the United States, and Israel. The sudden reversal by Tehran sent crude oil prices tumbling by over 10 percent, offering the first significant relief to global energy markets after weeks of historic volatility and price spikes that saw Brent crude surpass $126 a barrel.
The closure of the strait on February 28 was a direct retaliation by Iran for US and Israeli airstrikes and marked a severe escalation in the ongoing conflict. This disruption to maritime traffic led to the largest supply disruption in history, causing oil prices to surge and fueling fears of a global economic crisis. Iran's announcement of the reopening was credited to a ceasefire in Lebanon between Israel and the Iran-backed group Hezbollah. In a statement, Iranian Foreign Minister Abbas Araghchi confirmed the passage for all commercial vessels was "completely open" for the remainder of the ceasefire period, though ships would need to follow coordinated routes.
President Donald Trump immediately took to social media to comment on the development, posting, "IRAN HAS JUST ANNOUNCED THAT THE STRAIT OF IRAN IS FULLY OPEN AND READY FOR PASSAGE." In a series of posts and interviews, Trump hailed the event as a "GREAT AND BRILLIANT DAY FOR THE WORLD!" and claimed that Iran had also agreed to suspend its nuclear program indefinitely. However, he clarified that a US naval blockade on Iranian ships and ports would "remain in full force" until a comprehensive deal with Tehran is finalized, a process he suggested "should go very quickly."
The international response has been one of cautious optimism. Shipping industry leaders, while welcoming the news, have indicated they need further security guarantees before fully resuming operations in the volatile region. The International Maritime Organization, a UN agency, stated it is currently verifying the announcement to ensure it complies with freedom of navigation principles. Meanwhile, international leaders, including those from France and the U.K., have urged a full and unconditional reopening of the strait to ensure lasting stability.
The situation remains fluid as ceasefire negotiations, brokered by Pakistan, continue. While Trump has projected confidence that a final agreement with Iran is imminent, covering not only the Strait of Hormuz but also Tehran's nuclear ambitions, Iranian officials have threatened to re-close the waterway if the US naval blockade continues. The coming days will be critical in determining whether the reopening of this vital artery for global trade marks a genuine step toward de-escalation or merely a temporary pause in a broader, unresolved conflict.
Source: dailystar