Iran Declares Hormuz Open — Then Reverses — Oil Swings 12% in Hours

April 17 saw dramatic whipsawing in the Iran crisis. Iranian Foreign Minister Abbas Araghchi declared the Strait of Hormuz 'open to all commercial shipping traffic' for the duration of an Israeli-Lebanon ceasefire brokered that day. Oil prices crashed roughly 11% immediately — WTI fell to ~$79.78, Brent to ~$86.84 — and Trump confirmed on Truth Social that the Strait was open. But within hours, Iran's Parliamentary Speaker Mohammad Bagher Ghalibaf reversed the statement, declaring the Strait was NOT open as long as the US maintained its blockade of Iranian ports and had allowed Israel to continue Lebanon operations under the ceasefire agreement. PBS reported Iranian military forces reimposed restrictions. The Macron-Starmer multilateral shipping protection summit was held online the same day. A 10-day US-brokered Israel-Hezbollah truce entered effect April 17, with ceasefire expiry set for April 21.