Iran declares Strait of Hormuz 'fully open,' oil crashes 11%

On April 17, Iran's Foreign Minister Abbas Araghchi announced that the Strait of Hormuz is open to all commercial traffic, causing WTI May futures to plunge 12% to $83.85/barrel and Brent June to fall 9% to $90.38. Trump countered via Truth Social: 'The strait is fully open, but Iran's ports remain under blockade pending negotiation completion.' France and Britain announced plans to establish an international defense mission for the strait.