Oil prices fell sharply, and stocks moved higher on Friday after Iran signaled that the Strait of Hormuz remains open to shipping, reports noted. The development was seen by traders as a potential easing point in a conflict that has disrupted global energy markets, and is being viewed by President Trump as a major accomplishment in the weeks-long conflict.
Advertisement Iranian Foreign Minister Seyed Abbas Araghchi said in a social media post that the strait is “completely open.” He added that vessels moving through the chokepoint must follow a “coordinated route” set by Iran’s maritime authorities.
The Strait of Hormuz is a critical passage for global oil shipments. Any disruption in the area has historically triggered volatility in energy markets.
Advertisement Markets reacted immediately to the statement. U.S. crude futures for May delivery dropped 11.1% to $84.26 per barrel, while Brent crude for June fell 10.5% to $88.95.
28, “should be ending pretty soon.”
The move followed comments from President Trump about the broader conflict. He said late Thursday that the war in Iran, which began Feb. 28, “should be ending pretty soon.”
Trump responded Friday by thanking Iran for keeping the strait open. He also said a U.S. naval blockade of Iranian ports would remain in “FULL FORCE” until an agreement is reached.
Advertisement The latest market swings come as diplomatic efforts continue across the region. Israel and Lebanon agreed Thursday to a 10-day ceasefire that began at 5 p.m. Eastern time.
The conflict has added to regional tensions already affecting oil supply routes
Israel has conducted strikes in Lebanon targeting Hezbollah, the Iran-backed militant group. The conflict has added to regional tensions already affecting oil supply routes.
Advertisement Trump said Israeli Prime Minister Benjamin Netanyahu and Lebanese President Joseph Aoun would be invited to the White House. He described the potential meeting as the first meaningful talks between the two countries in decades.
