The price of Brent is back in the $80s per barrel, today.
Foreign ministers of European countries met in Paris. Below, an account of the situation
from Der Spiegel:
The translate to English function;
Message from Tehran
Iran opens Strait of Hormuz, US maintains blockade
The Strait of Hormuz is open again to merchant ships. Iranian Foreign Minister Araghchi announced this in response to the ceasefire in Lebanon. Crude oil prices and Donald Trump reacted immediately.
April 17, 2026, 3:09 PM
Persian Gulf (April 2024) Photo:Morteza Nikoubazl/NurPhoto/Getty Images
Iranian Foreign Minister Abbas Araghchi announced on Twitter that Iran has lifted its blockade of the Strait of Hormuz until the end of the ceasefire in Lebanon . The ceasefire for Lebanon came into effect on Thursday evening and is scheduled to last ten days.
Araghchi further explained that all commercial ships would pass through on a coordinated route already announced by the Iranian Ports and Shipping Authority. Oil prices fell by more than eight percent following the announcement. A barrel (159 liters) of Brent crude for June delivery costs $91.11. At times, the price dipped below $90. A similarly sharp drop was also seen in the price of US crude . The price of WTI crude fell by more than nine percent to $85.90 per barrel.
The war with Iran and the de facto blockade of key trade routes from the oil-producing regions of the Persian Gulf through the Strait of Hormuz had driven the price of Brent crude oil to nearly $120 per barrel at times in March. Before the start of the war with Iran, the price was around $70 per barrel.
And the stock market reacted immediately: The Dax significantly extended its gains and was 1.9 percent higher at 24,662 points seconds after the announcement.
Donald Trump initially responded with a brief "Thank you" on his platform Truth Social. Shortly afterward, the US president made it clear in capital letters that the American blockade of Iranian ports would continue until a final negotiated solution was reached.
Since the start of the US-Israeli attacks on February 28, Iran has effectively blockaded the strategically important Strait of Hormuz. Approximately one-fifth of the world's oil exports pass through the Strait of Hormuz, drastically increasing energy prices in recent weeks. This afternoon in Paris, numerous heads of state and government discussed how the route could be secured militarily. German Chancellor Friedrich Merz is also participating in the meeting. Merz has already expressed Germany's fundamental willingness to participate in such an operation under certain conditions.
czl/dpa/Reuters
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Gemini ai:
War in Iran; was Canada a participant in the (largely virtual) Strait of Hormuz meeting held from Paris today? I know the US was pointedly not invited!!
Today's Paris Summit on the Strait of Hormuz is certainly a major pivot in the current crisis. While the French and British organizers have been selective with the guest list to maintain a "non-belligerent" focus, Canada did indeed participate in the meeting.
Canada joined approximately 50 other nations and international organizations via video link to support what is officially being called the Strait of Hormuz Maritime Freedom of Navigation Initiative.
Key Details of Today's Paris Meeting:
The Organizers: The summit was co-hosted by French President Emmanuel Macron and British Prime Minister Keir Starmer.
Participation: While leaders like German Chancellor Friedrich Merz and Italian PM Giorgia Meloni attended in person at the Élysée Palace, Canada’s involvement was part of the large virtual contingent of "allied nations" seeking to stabilize global energy markets.
The "Non-Belligerent" Stance: You are correct that the United States was not invited, nor was Iran. The strategy behind this was to frame the initiative as a purely defensive, multilateral effort to protect commercial shipping, distinct from the ongoing U.S. naval blockade and the military strikes that began back in February.
The Mission: The focus was on planning a multinational force to secure the waterway "as soon as conditions allow," which would involve demining operations and coordinated naval escorts.
Current Status of the Strait
The timing of the meeting coincided with a significant breakthrough: Iran's Foreign Minister and President Trump both confirmed today that the Strait is "completely open" to commercial vessels for the duration of the current 10-day ceasefire. This news caused oil prices to tumble about 5% this morning, though the Paris group remains wary, insisting on a "permanent and unconditional" reopening rather than one tied to temporary truces.
It is a delicate diplomatic tightrope for Canada and the other "sidelined" nations to coordinate this without Washington, especially as military planners are set to meet in London next week to hammer out the logistics.
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