US President Donald Trump said on Friday, April 17, the Strait of Hormuz is “completely open and ready for business,” even as he made clear that a US naval blockade targeting Iran would remain in place.
In a post on Truth Social, Trump wrote, “THE STRAIT OF HORMUZ IS COMPLETELY OPEN AND READY FOR BUSINESS AND FULL PASSAGE,” adding 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.” He said the process “should go very quickly” as “most of the points are already negotiated.”
Earlier, Iran’s Foreign Minister Abbas Araghchi had said commercial shipping through the strait had been declared fully open for the duration of the Israel-Lebanon ceasefire. In a post on X, he said vessels could transit via coordinated routes designated by Iran’s Ports and Maritime Organisation.
The contrasting statements highlight a complex situation in the vital waterway, where passage for global shipping has resumed, but US pressure on Iran through a targeted blockade continues.
Oil prices plunged more than 10% to below $90 a barrel after the announcement, easing fears of a prolonged supply shock. The reopening of the vital shipping route — through which about a fifth of global crude flows — signalled a potential restoration of energy supplies following one of the biggest disruptions in history.
US West Texas Intermediate futures fell around 10% to trade above $84 a barrel, while Brent crude dropped roughly 9% to hover just above $90, reflecting a sharp cooling in market anxiety despite continued geopolitical tensions.
Markets, however, responded strongly to signs of easing disruption. US stocks surged on Friday after Iran signalled that shipping could resume through the strait, with the Dow Jones Industrial Average jumping 700 points. The S&P 500 and Nasdaq Composite both climbed to fresh intraday highs, while the Russell 2000 also touched a new peak, reflecting broad-based investor optimism.
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