President Trump: Strait of Hormuz 'Fully Open', Oil Prices Drop

Elizabeth Troutman Mitchell : Apr 17, 2026
The Daily Signal

After the announcement of the reopening Friday morning, crude oil dropped over 10%, to just over $81 a barrel. Oil had reached its highest on April 6 at $112 per barrel. -The Center Square report

[DailySignal.com] President Donald Trump announced Friday morning that the Strait of Hormuz is open. (Screengrab image: via MSNOW)

"IRAN HAS JUST ANNOUNCED THAT THE STRAIT OF IRAN IS FULLY OPEN AND READY FOR FULL PASSAGE," he wrote on TruthSocial. "THANK YOU!"

A few minutes later, Trump posted that the Strait was "COMPLETELY OPEN AND READY FOR BUSINESS AND FULL PASSAGE."

The Iranian foreign minister, Seyed Abbas Araghchi, confirmed this on X, saying that yesterday's ceasefire between Israel and Lebanon was connected to the strait's reopening.

"In line with the ceasefire in Lebanon," he said, "the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire, on the coordinated route as already announced by Ports and Maritime Organization of the Islamic Rep. of Iran."

Since Monday, the United States had maintained a blockade of ships connected to Iranian commerce. Trump added on Friday that "THE NAVAL BLOCKADE WILL REMAIN IN FULL FORCE AND EFFECT AS IT PERTAINS TO IRAN, ONLY, UNTIL SUCH TIME AS OUR TRANSACTION WITH IRAN IS 100% COMPLETE."

"THIS PROCESS SHOULD GO VERY QUICKLY IN THAT MOST OF THE POINTS ARE ALREADY NEGOTIATED," he wrote.

The Strait of Hormuz is a key waterway for the global oil trade. About 25% of world seaborn oil trade transits the straight, according to the International Energy Agency, with 80% of it destined for Asia. About 19% of the world's liquefied natural gas transits the strait as well.

Bangladesh, India, and Pakistan imported almost two-thirds of their liquefied natural gas supplies via the Strait of Hormuz in 2025, making them particularly vulnerable to Iran's actions.

[After the announcement of the reopening Friday morning, crude oil dropped over 10%, to just over $81 a barrel. Oil had reached its highest on April 6 at $112 per barrel. -The Center Square report]

Trump announced on April 7 that Iran agreed to open the Strait of Hormuz, but the crucial waterway remained heavily disrupted by the conflict. Subscribe for free to Breaking Christian News here

Elizabeth Troutman Mitchell is the White House Correspondent for "The Daily Signal."