Oil price drops below $90 a barrel after Iran says strait of Hormuz is open
Friday, April 17, 2026 at 5:23 PM · By Jillian Ambrose and Joanna Partridge
Gas price also falls and markets rise amid hopes Donald Trump will succeed in reaching deal with Tehran Oil and gas prices fell sharply on Friday after Iran said the strait of Hormuz was open to commercial shipping, potentially clearing the way for tankers holding millions of barrels of oil and gas to reach the global market. Iran’s foreign minister said vessels would be free to transit the strait of Hormuz for the duration of the 10-day ceasefire between Israel and Lebanon, which was struck on…