Brief by Shorts91 Newsdesk / 07:02pm on 17 Apr 2026,Friday International
Global oil prices dropped sharply after Iran announced the Strait of Hormuz would remain open during the ceasefire. Brent crude fell to $88 per barrel from over $98, triggering gains across global stock markets. About 20% of global oil flows through the Strait, making its reopening a major relief for energy markets. Donald Trump welcomed the move but confirmed the US naval blockade on Iran continues. Despite optimism, shipping bodies like BIMCO and the International Maritime Organization warn risks remain, including potential mines. Experts caution tanker traffic may not immediately return to normal, limiting short-term supply recovery. (PC: Getty Images)
