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Brent futures fell 9.1% to settle near $90 a barrel as the reopening of the Strait of Hormuz fueled optimism that the US-Iran conflict will end. US benchmark gas prices also fell as much as 10%.
Reduced geopolitical risk premium lowers crude and natural gas prices. Cheaper natural gas lowers fertilizer and energy costs that feed into grain and protein prices.
bloomberg.comApr 16, 2026Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
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.
Brent fell 9.1% to near $90 on Hormuz reopening optimism, the key move within the window.
Bloomberg summary of the 9.1% Brent drop to near $90 on Hormuz reopening optimism; its date is slightly off but it describes the same move.
