DNA

LONDON/NEW YORK, APR 17: Global fuel prices plunged sharply on Friday following Iran’s announcement that the Strait of Hormuz is now completely open to commercial traffic. Iran’s Foreign Minister Abbas Araghchi declared the vital waterway “completely open” for all commercial vessels, in line with the ongoing ceasefire in Lebanon. The announcement was quickly confirmed by US President Donald Trump, triggering an immediate market reaction.

Oil prices dropped more than 10-11% in early trading. Brent crude fell sharply, while West Texas Intermediate also recorded significant losses. This marks one of the largest single-day declines in recent weeks.The move brings major relief to energy markets after weeks of disruption caused by the 2026 Iran conflict. The Strait of Hormuz, through which nearly 20% of global oil passes, had seen severely restricted traffic due to military tensions.Analysts expect pump prices for petrol, diesel, and other fuels to fall in the coming days across Europe, Asia, and the United States as lower crude costs feed through the supply chain.Energy experts described the development as a “major de-escalation” that could help stabilize global energy markets, though prices remain higher than pre-conflict levels.Markets are now watching closely to see how quickly shipping traffic returns to normal through the strait.