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CommoditiesMediumUpdated×11•Originally published 17 April 2026•Updated 18 April 2026•

1 min read

Oil Prices Plunge as Iran Reopens Strait of Hormuz Amid Diplomatic Breakthrough

Map of the Middle East with fighter jets, missiles, oil barrels, gold bars, oil rigs, and stock charts under a fiery sky.

Key Facts

1WTI crude fell 15% to approximately $95 a barrel.

about 2 months ago

Version History

Version 11about 2 months ago

What changed: Added historical price context detailing the year-to-date range from a $60 start to a $112 peak, and confirmed the mid-month stabilization around $90.

Version 10about 2 months ago

What changed: Updated the story to reflect the shift to a negative crude oil outlook as traders unwind the geopolitical risk premium.

Version 9about 2 months ago

What changed: The story was updated to reflect high intraday volatility and the stabilization of WTI prices at $89.23, adding details on profit-taking and the impact of U.S.-Iran tensions.

Version 8about 2 months ago

What changed: Added technical analysis levels for WTI oil within the Ichimoku cloud and noted the failure to close above the $90 resistance level.

Version 7about 2 months ago

What changed: Updated the story to include the 12% drop in oil prices, the 2% gain in the Dow Jones, and positive earnings results from State Street.

Version 6about 2 months ago

What changed: Updated to reflect Brent crude falling below $90 following Iran's announcement to reopen the Strait of Hormuz after a 45-day blockade.

Version 5about 2 months ago

What changed: Updated with specific price levels for WTI and Brent, confirmation of the 10-day ceasefire duration, and the potential weekend timeline for Iran talks.

Version 4about 2 months ago

What changed: Updated the story to include the Nasdaq Composite's 600-point rally and the significant gains in Odyssey Marine Exploration shares.

Version 3about 2 months ago

What changed: Updated the story to include the 10-day Lebanon-Israel ceasefire and President Trump's comments on potential weekend talks with Iran.

Version 2about 2 months ago

What changed: Updated the story to include the massive rally in Gold and Silver following the reopening of the Strait of Hormuz, persistent inflation concerns, and the resilience of oil service stocks.

Version 1about 2 months ago

What changed: The update specifies that the price decline occurred during early Asian trade and explicitly links the ceasefire hopes to a potential deal involving the United States.

Energy markets have experienced extreme volatility this year, with crude oil futures starting at $60 before spiking to a peak of over $112 in early April. Following the reopening of the Strait of Hormuz, prices pulled back by 12% to stabilize around the $90 mark by mid-April as traders unwound geopolitical risk premiums. June WTI crude remains within the daily Ichimoku cloud, reflecting a decisive shift in market sentiment from supply fears to bearish pressure. Meanwhile, equity markets reacted positively with the Dow Jones gaining 2% and the Nasdaq surging over 600 points on strong State Street earnings. Investors are now assessing how this stabilization in energy costs will influence the upcoming CPI report and Fed policy, while gold remains near the $4,800 level.