Oil prices plummet after Iran says Strait of Hormuz is "completely open"

MoneyWatch Oil prices plummet after Iran says Strait of Hormuz is "completely open" .chip { background-image: url('/fly/bundles/cbsnewscore/images/chip-bgd/chip-bgd-moneywatch.jpg'); } By Mary Cunningham Mary Cunningham Reporter, MoneyWatch Mary Cunningham is a reporter for CBS MoneyWatch. She previously worked at "60 Minutes," CBSNews.com and CBS News 24/7 as part of the CBS News Associate Program. Read Full Bio Mary Cunningham April 17, 2026 / 2:20 PM EDT / CBS News Add CBS News on Google Oil prices plummeted by around 10% on Friday after Iran declared the Strait of Hormuz "completely open" amid a ceasefire between Israel and Lebanon. The West Texas Intermediate, the U.S. benchmark, fell by $10.33, or 10.91%, to $84.36, according to oilprice.com. Brent, the international standard, dropped $8.89, or 8.94%, to $90.05 a barrel.  U.S. motorists also experienced relief at the pump, with average gasoline prices falling to $4.08 per gallon for regular on Friday, after hitting $4.17 on April 9, the highest level so far this year, AAA data shows. Gas prices are closely tied to the price of crude, which accounts for 51% of the cost of a gallon of gas. Oil prices jumped after the war in the Middle East began on Feb. 28, at times brushing up against nearly $120 a barrel. The cost spiked due to a slowdown in traffic through the Strait of Hormuz, a key artery for oil shipments through which one-fifth of the world's oil supply normally flows. Prices fell on Friday after Iran's foreign minister, Seyed Abbas Araghchi, posted on X, "In line with the ceasefire in Lebanon, the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire, on the coordinated route as already announced by Ports and Maritime Organisation of the Islamic Rep. of Iran."A U.S. blockade of Iranian ports and vessels remains in effect, President Trump said on Truth Social. On Friday, the U.S. Central Command said ...