Oil prices fell on Friday after Iran’s foreign minister said the Strait of Hormuz remained fully open to commercial traffic for the remainder of a 10-day ceasefire between Israel and Lebanon and President Trump said Iran had agreed to indefinitely suspend its nuclear program.
Futures on international pricing benchmark Brent crude (BZ=F) fell 11% to trade at $89 a barrel, while US benchmark West Texas Intermediate (WTI) crude (CL=F) fell 11.1% to trade at $81. Both products opened the week above $100.
Read more: What an extended war with Iran could mean for gas prices
“In line with the cease-fire in Lebanon, the passage through the Strait of Hormuz has been declared fully open for all commercial vessels for the remainder of the cease-fire,” Iranian Foreign Minister Abbas Araghchi wrote in a post on X.
Several hours later, President Trump said in an interview with Bloomberg News that Iran had agreed to restart its nuclear program without a deadline, and that “most of the key points are final” for a deal to end the war.
President Trump said Iran would not receive any of the frozen funds in return. Axios previously reported that the U.S. is considering a deal to release $20 billion in frozen Iranian funds in exchange for the regime surrendering its enriched uranium stockpile.
In comments to Reuters, President Trump said the U.S. would work with Iran to recover the regime’s uranium stockpile, saying, “We’re going to go at a pretty leisurely pace with Iran, and go down and start mining with big machinery.”
Iran has not confirmed any of Trump’s claims about the government’s nuclear program.
No date has yet been set for the second round of talks, Pakistan’s foreign minister said Thursday morning. Senior Gulf and European leaders have privately said they believe a deal could take six months to reach, Bloomberg reported.
On Friday morning, Iran’s foreign minister announced that the Straits would be open after Israel and Lebanon agreed to a temporary 10-day ceasefire that began at 5 p.m. ET on Thursday, putting some pressure on talks between the U.S. and Iran to end the war in the Middle East, leaving a key point in talks between the U.S. and Iran.
On Thursday, President Trump announced in a Truth Social post that Israel and Lebanon had reached a 10-day ceasefire agreement, halting any potential positive movement between the US and Iran and potentially opening the way for a second round of talks.
“I recently had an excellent conversation with the highly respected President of Lebanon, Joseph Aoun, and the Prime Minister of Israel, Bibi Netanyahu. The two leaders have agreed that in order to achieve peace between their countries, they will formally begin a 10-day ceasefire at 5 p.m. EST,” the president wrote.
Still, oil market watchers and other experts said there were sticking points for shipowners even with Friday morning’s news.
Iran’s state TV reported Friday that any ship trying to make the crossing must coordinate with the Revolutionary Guard Corps, according to Bloomberg. It was also not immediately clear what route Iran wanted the ship’s captains to take. Iranian leaders have previously said ships wishing to cross the strait must pass close to the Iranian coast, while on Wednesday, the regime offered a deal for safe passage of ships in Omani waters as long as the US and Iran could agree to a firm ceasefire.
Read more: How oil prices ripple through your wallet from gas to groceries
In a true social media post less than an hour after Araghchi’s statement, President Trump said that while the strait is “fully open and ready for business,” the current U.S. naval blockade “will remain in full force and effect, only until our transaction with Iran is 100% complete” — potentially complicating matters for ship owners looking to quickly see the situation.
President Trump then said in a separate post that Iran had “agreed to never close the Strait of Hormuz,” although that agreement has not been confirmed by Tehran, according to Reuters. Iranian officials told the semi-official Fars news agency that if the US blockade continues, Iran will close the waterway again, Reuters reported.
A tanker sits at anchor during a rare lightning flash amid the US-Israeli conflict with Iran, at Sultan Qaboos Port in Muscat, Oman, on March 21, 2026. (Reuters/Stelios Misinas/File photo) ·REUTERS/Reuters
Jake Conley is a breaking news reporter covering US equities for Yahoo Finance. Follow him on X at @byjakeconley or email him jake.conley@yahooinc.com.
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