Oil crashed 11.45 percent on 18 April 2026, its largest single-day drop in months, after Iranian Foreign Minister Abbas Araghchi declared the Strait of Hormuz "completely open" to commercial vessels for the duration of the ceasefire period. US crude settled at $83.85 per barrel, its lowest level since 10 March 2026. In Las Vegas, President Donald Trump told a Turning Point rally audience to "watch what happens over the next few days" — and simultaneously said the US naval blockade "will remain in full force" until a formal peace agreement is signed.
The gap between those two positions — Iran unilaterally reopening the Strait while the United States maintains military interdiction — defined the diplomatic situation on 18 April and illustrated how far apart the two sides remain despite public optimism from Washington.
Araghchi's statement did not alter Iran's legal or military position. Tehran has consistently maintained that the Strait is sovereign international waters and that any US naval interference with commercial shipping constitutes an act of aggression. Declaring the Strait "open" was, in part, a public relations move — signalling to Asian trading partners and the 40-nation coalition that Iran is not the party preventing commerce, the United States is.
