Atilla 2 oil tanker boat sails through the waters of Qeshm Island in the Strait of Hormuz, Iran, April 28, 2026.
Asghar Besharati | Getty Images
Oil prices fell on Sunday after President Donald Trump said the United States had completed a deal with Iran to reopen the Strait of Hormuz.
usa crude oil Crude oil futures were down 4.8% at $80.80 a barrel by 6:01 p.m. ET. brent Futures, an international benchmark, were trading 3.9% lower at $83.89 per barrel.
“The deal with the Islamic Republic of Iran is complete,” President Trump said in a post on Truth Social. The president said Hormuz would open without a toll system and the United States would lift its naval blockade against Iran.
“Ships of the world, start your engines,” President Trump said. Let’s drain the oil! ”
In a subsequent post, Trump said the strait would open on Friday, when a formal peace agreement signing ceremony would take place in Switzerland.
“With the opening of the strait following the signing of Friday’s agreement, oil will once again be flowing from both ends for the purpose of demining, for the benefit of the region and the world!” he said.
About 20% of the world’s oil supplies passed through the Strait of Hormuz until tanker traffic was sharply reduced in early March due to Iranian attacks. The disruption to Hormuz Island caused the largest oil supply disruption in history.
Pakistan Prime Minister Shehbaz Sharif said Sunday that the United States and Iran have declared an immediate and permanent suspension of military operations on all fronts, including Lebanon. Pakistan’s prime minister has served as an intermediary between the United States and Iran.
“I would like to thank the United States and the Islamic Republic of Iran for their efforts in finding a diplomatic solution to the conflict,” Sharif said. He said the mediators will facilitate meetings this week to lay the groundwork for technical discussions and a formal signing ceremony.
The CEO of oil tanker company Frontline told CNBC last week that he expects ship traffic through Hormuz to quickly recover if the U.S. and Iran reach a credible agreement.
“I’m very optimistic that the moment the tide turns and the U.S. and Iran find some kind of agreement, at least not to attack shipping, those shipments will resume fairly quickly,” Frontline CEO Lars Barstad said.
