WASHINGTON (dpa-AFX) - Following the rebound seen in the previous session, crude oil prices have shown a significant move back to the downside on Friday as President Donald Trump continues to pressure Iran to fully reopen the Strait of Hormuz.
WTI Crude Oil for May month delivery was last seen trading down by $1.15 (or 1.18%) at $96.72 per barrel.
A two-week ceasefire agreement between the U.S. and Iran announced late Tuesday moderately calmed the markets as it brought a pause to the tension gripping global markets since February 28 when the conflict broke out.
During the announcement, U.S. President Donald Trump reiterated that the success of the truce plan hangs on Iran's commitment to stop making nuclear weapons as well as opening up the Strait of Hormuz immediately.
Trump also warned that =U.S. forces will remain stationed near Iran and would strike back with more might if Iran does not adhere to the decisions agreed to during the ceasefire.
The Strait of Hormuz closure by Iran since the start of the conflict kept crude oil prices at higher levels, and as a result, inflation squeezed world's major economies.
Around 200-plus oil tankers have been stranded at sea carrying cargoes shipped for several Asian and European nations.
However, despite several nations eagerly waiting, Iran has not completely opened up the narrow seaway. It has permitted a restricted movement of up to 15 ships to cross through the strait.
In addition, Iran has reportedly authorized the Islamic Revolutionary Guards Corps to supervise the operations.
Raising the concerns of ship owners, Iran provided a navigating map to avoid the sea mines (placed by Iran).
In addition, reports surfaced that Iran was planning to collect a high toll (possibly around $2 million per ship) henceforth for all vessels that move through the channel.
Sending a message for the public, Iran's current Supreme Leader Mojtaba Khamenei stated management of the Strait of Hormuz is about to see a new stage and added that the situation would not return to the pre-war status.
According to ABC News, Trump expressed his displeasure over Iran continuing to curtail the ship movement and asked them to stop plans to collect fees to pass through.
Through Truth Social, Trump accused Iran of doing a dishonorable job of not letting ships through the strait as agreed. In a separate post, he stated that oil will start flowing 'with or without Iran's help.'
Of significant note, on April 8, Trump stated that the U.S. is planning for a joint venture to manage the strait to ensure completely a secure traffic.
'The Iranians don't seem to realize they have no cards, other than a short term extortion of the World by using International Waterways. The only reason they are alive today is to negotiate!' Trump posted this afternoon.
Ship owners are restless over the prevailing uncertainty and confusion on the levies as the strait being a natural seaway, charging a toll would not be applicable as per the U.N. Convention on the Law of the Sea (UNCLOS).
Experts are also concerned of a broader uncertainty depending on the outcome of the U.S.-Iran discussions during this ceasefire period to explore ways to end hostilities permanently. Complete normalcy signs are yet to return in the gulf as Israel continued to bombard Lebanon though it agreed to conduct peace talks soon.
U.S. Vice President JD Vance is leading a team of negotiators for meeting Iranian officials in Islamabad, Pakistan.
Minutes before his departure, Vance warned that Iran should take the peace talks seriously. However, he expressed optimism about a positive outcome.
Without mentioning who launched the attack, citing an official source from energy ministry, Saudia Arabia's state news agency SPA reported that attacks on Saudi's energy facilities have weaned away the nation's oil production capacity by around 600,000 barrels per day and throughput on its East-West Pipeline by about 700,000 bpd.
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