April 17, 2026, 6:41 AM PDT / Updated April 17, 2026, 9:24 AM PDT
By Steve KopackThe price of oil plunged sharply and two U.S. stock indexes hit all-time highs Friday after Iran’s foreign minister said the Strait of Hormuz was open for commercial vessels.
“In line with the ceasefire in Lebanon, the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire, on the coordinated route as already announced by Ports and Maritime Organisation of the Islamic Rep. of Iran,” Abbas Araghchi wrote in a post on X.

U.S. crude oil plunged 12% to around $83 per barrel, while international Brent crude also slid more than 10% to around $89 per barrel.

Heating oil futures, which are a proxy for jet fuel, plummeted 11%. Wholesale RBOB gas futures also fell 6%.