Iran Declares Hormuz 'Fully Open'; Oil Crashes 9.6% — Largest 1-Day Drop Since Apr 7

Iran's Foreign Minister Abbas Araghchi announced the Strait of Hormuz is 'fully open' to commercial traffic during the ceasefire, sending WTI crude crashing 9.63% (from ~$97 to ~$85.57/barrel) and Brent falling 11%. This was the largest single-day oil price drop since the April 7 ceasefire announcement. The collapse materially reduced near-term US CPI pressure, with potential implications for the FOMC April 29-30 meeting. Brent crude peaked at ~$118 in Q1 2026 (largest quarterly inflation-adjusted rise since 1988). The Q1 CPI average was elevated on this shock; the April 17 drop, if sustained, could lower April CPI materially.