Oil Plunges as Iran Says Strait of Hormuz Is Open to Commercial Shipping

Overview

• Crude tumbled after Iran’s foreign minister said the strait is “completely open” to commercial ships during a ceasefire, with WTI down about 10–11% and Brent also sliding.
• President Trump said the U.S. naval blockade will remain until a deal is fully agreed, and U.S. Central Command said 19 vessels have already turned back to Iran since it began.
• Negotiations continue, with Axios reporting a possible U.S. release of $20 billion in frozen Iranian assets for enriched uranium, which Iran later said it would not transfer.
• The International Energy Agency estimates about 13 million barrels per day of supply is shut in, and Gulf producers cut output by roughly 6% after storage filled, pointing to a slow restart.
• The strait carries about one-fifth of global oil and LNG flows, and the price drop has started to reach drivers as AAA reports U.S. regular gas averaging $4.08 a gallon.