Global oil markets saw a significant decline after Iranian officials announced the reopening of the Strait of Hormuz for commercial ships. On April 18, 2026, Brent crude and US oil prices dropped below 90 dollars per barrel, with Brent crude settling 9.1 percent lower at 90 dollars and 38 cents by the end of the day.

The development comes amid a ceasefire between the United States and Iran, though Washington continues to enforce a naval blockade on Iranian ports. Iran’s parliament speaker, Mohammad Bagher Ghalibaf, warned that Tehran would close the Strait again if the blockade persists. The Strait of Hormuz is a critical maritime route through which one-fifth of the world’s crude oil is transported.

The conflict began on February 28 when the United States and Israel launched military action against Iran, disrupting shipping through the strategic waterway. The latest move to reopen the Strait has temporarily eased oil supply concerns but tensions remain high in the region.