Oil prices fell sharply after Iran briefly said the Strait of Hormuz was open to commercial shipping, reducing immediate fears of a supply shock. Brent crude dropped more than 9% to $90.38 a barrel on Friday, marking its first move below $91 since March 10. The decline came as traders reacted to signs of limited relief in Gulf shipping, although that relief proved short-lived when Iran restored tighter controls on Saturday.
The oil market moved lower after Iranian officials said the Strait of Hormuz was “completely open” during the ceasefire period linked to the Lebanon conflict. The statement lowered immediate concern about blocked tanker traffic through one of the world’s most important energy routes. Traders responded quickly because about one-fifth of global oil supply moves through the strait.
Brent crude fell to $90.38 a barrel on Friday after touching much higher levels in recent weeks. Earlier in the crisis, prices had climbed as fears grew that military tension and shipping disruption would reduce supply. Once Iran signaled that vessels could move again, the market priced in at least temporary relief, and crude futures moved down fast.
The drop in oil did not last as a clear turning point for the market. On Saturday, Iran said it had restored the Strait of Hormuz to its previous condition after arguing that the U.S. blockade of Iranian ports remained in force. Iranian officials said passage would remain under strict control unless shipping linked to Iran could move freely again.
The tension increased further after reports that Iranian gunboats fired at a tanker crossing the strait. Maritime authorities said the vessel and its crew remained safe, but the incident added to uncertainty for shipping companies already facing mixed signals from both Washington and Tehran.
Iran also said the U.S. had not fulfilled its obligations, while President Donald Trump said Iran “can’t blackmail us” through pressure on the waterway.
Some commercial traffic resumed after the initial reopening announcement. Ship-tracking data showed more vessels attempting to cross the strait, and several tankers passed through on Saturday. However, other ships turned back after entering the area, showing that operators were still uncertain about the real conditions on the route.
The mixed traffic pattern reflected the wider confusion around Hormuz. Iran’s statements pointed to restricted access rather than a full reopening, while the U.S. kept pressure on Iranian ports and warned that military action could resume if no deal is reached. At the same time, diplomatic efforts continued ahead of the April 22 ceasefire deadline, with more talks under discussion through regional intermediaries.
Oil traders are now watching two issues at once. They are tracking whether vessels can move through Hormuz without interference, and they are also watching whether U.S.-Iran talks can reduce the risk of another disruption. For now, the sharp fall in Brent reflects relief over shipping access, but the renewed restrictions show that supply concerns have not left the market.
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