Crude Oil Market Sees $800 Million Surge as Iran Reopens Strait of Hormuz

2026-04-19 10:40

The crude oil market experienced a sudden surge in trading volume, with nearly $800 million exchanged in a short period, leading to a sharp price drop. This activity occurred at 8:24 a.m. Eastern Time on Friday, initially without any accompanying news. However, twenty-one minutes later, Iran's Foreign Minister Alireza Araghchi announced that the Strait of Hormuz was "fully open" to all commercial vessels. Following the announcement, U.S. President Trump tweeted his thanks to Iran for reopening the strait at 9:06 a.m. By 9:10 a.m., U.S. WTI crude oil futures briefly fell below $80 per barrel, reflecting the market's reaction to the geopolitical development.

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