Oil and Gas Plunge on Hormuz Opening, Hope for End of War

President Donald Trump and says he’s not sure if the Iran ceasefire needs to be extended and that the next meeting with Iran might happen over the weekend. He speaks with reporters outside of the White House.Source: Bloomberg

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By Bloomberg News

April 16, 2026 at 10:01 PM UTC

Updated on

April 17, 2026 at 8:53 PM UTC

Oil and European natural gas prices tumbled after the promised re-opening of the Strait of Hormuz bolstered sweeping optimism that the US-Iran conflict will reach an end and ease disruptions to global energy markets.

Brent futures retreated 9.1% to settle near $90 a barrel, reversing some of the rally sparked by the US-Iran war, while West Texas Intermediate slumped to roughly $84. European benchmark gas prices fell as much as 10% to end the day near €39 a megawatt-hour.