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US crude futures fell nearly 12% to $83.85 a barrel and Brent lost 9% to $90.38 on Friday after Iran's foreign minister declared the Strait of Hormuz completely open during the Israel-Lebanon ceasefire. Araghchi said vessels must follow a coordinated route set by Iranian authorities.
Trump welcomed the move in a social media post.
The reopening removes a major supply disruption, so crude prices drop sharply. Lower energy costs reduce diesel and freight expenses for feed producers and may ease fertilizer prices over time.
cnbc.comLee Ying Shan, Christina Cheddar BerkApr 17, 2026
profarmer.comBill WattsApr 17, 2026After 53 past bearish geopolitics events, SOY moved a median -0.3% over 5 sessions (47% higher; middle half -1.9% to +1.2%), and +1.0% over 20.
After 87 past bearish geopolitics events, CORN moved a median +0.1% over 5 sessions (51% higher; middle half -1.5% to +2.1%), and +0.3% over 20.
After 255 past bearish geopolitics events, WTI moved a median -2.4% over 5 sessions (31% higher; middle half -7.0% to +1.7%), and -5.0% over 20.
After 250 past bearish geopolitics events, BRENT moved a median -3.1% over 5 sessions (36% higher; middle half -7.9% to +1.6%), and -5.5% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Iran declaring Hormuz open on April 17 drove Brent down about 9% in one session, the main driver of the 5-day drop through April 20 via restored supply flows.
Reports on the same-day Hormuz opening announcement detail the Brent fall to about $90 and the WTI slide, matching the move's timing and mechanism.
