Iran's decision to open the Strait of Hormuz has caused an international oil price drop of over 10%.

Iran's Foreign Minister said on the 17th that during the ceasefire between Lebanon and Israel, the Strait of Hormuz is completely open to all merchant ships. As a result, the international crude oil futures prices quickly plummeted, with a drop of over 10%. On the morning of the 17th in the Eastern United States time, the price of light crude oil futures for delivery in May on the New York Mercantile Exchange fell to as low as $84.48 per barrel, a drop of over 12% compared to the previous trading day's closing price. At the same time, the price of Brent crude oil futures for delivery in June in London dropped to as low as $88.76 per barrel, a drop of over 10% compared to the previous trading day's closing price. Iran's Foreign Minister Zarif said on the 17th that, given the ceasefire between Lebanon and Israel, Iran has opened the Strait of Hormuz to all merchant ships. This was later confirmed by US President Trump. The Strait of Hormuz is a key global energy transport passage, carrying about a quarter of global maritime oil trade as well as a large amount of liquefied natural gas and fertilizer shipments. US and Israeli military strikes against Iran at the end of February led to a near complete halt in navigation through the Strait of Hormuz, prompting a sharp increase in international oil prices.