Iran Declares Strait of Hormuz "Completely Open"; Trump Keeps Blockade; Oil Crashes 10%

Iranian Foreign Minister Araghchi declares the Strait of Hormuz open to commercial vessels for the Lebanon ceasefire period; Trump hails the move but insists the US blockade remains until a peace deal is signed; oil falls 10% and US stocks hit all-time highs; new US-Iran talks expected imminently.

On April 17, 2026, Iranian Foreign Minister Abbas Araghchi declared the Strait of Hormuz "completely open" to commercial vessels for the remaining period of the Israel-Lebanon ceasefire, with ships required to use coordinated sea corridors. The announcement came after Pakistani mediator Asim Munir's visit to Tehran made progress on what officials called "sticky issues" and as Trump said new US-Iran talks could happen over the coming weekend. Markets reacted immediately: US crude oil plunged 10% to near $85 a barrel, Brent crude slid more than 8% to around $90 a barrel, the S&P 500 and Nasdaq Composite both opened at new all-time highs. Dow Futures had rallied more than 500 points at the open. Trump hailed Iran's move publicly but declared the US naval blockade of Iranian ports "will remain in full force" until a peace deal is signed, saying negotiations "should go very quickly." Major shipping firms including Hapag-Lloyd welcomed the news but said "open questions" remained about insurance coverage and sea corridors before vessels would transit. Iran's foreign ministry noted the nuclear issue remained unresolved, with its spokesperson saying the US position "is not acceptable to Iran and must still be discussed." The dual reality — Iran claiming the strait open, the US claiming the blockade continues — set the stage for what both sides described as imminent new peace talks.