Oil prices plunge nearly 10% as Strait of Hormuz stays fully open in ceasefire

Published on 24 April 2026

A ceasefire order changed shipping risk overnight

Oil prices crashed nearly 10% after Iran said the Strait of Hormuz was completely open during a US-Iran ceasefire. Brent crude and West Texas Intermediate fell sharply as perceived shipping risk eased. While the immediate shock faded, analysts warn volatility could return quickly if tensions flare or communications about access change.

Brent and WTI dropped sharply after Iran said Hormuz is fully open
Easing US-Iran tensions reduced perceived maritime risk
The move cut oil prices by nearly 10%
Volatility may persist despite the ceasefire

#commodities #strait of hormuz #oil prices #brent crude #iran

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Oil prices plunge nearly 10% as Strait of Hormuz stays fully open in ceasefire

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