Brent crude futures fell more than 8 percent on Saturday to around $82 per barrel, as traders reacted to Iran’s conditional reopening of the Strait of Hormuz. The benchmark’s sharp drop underscored market jitters over the stability of one of the world’s most critical energy corridors.
Iran’s parliament announced that all vessels must obtain authorization and follow designated routes, warning the strait could be shut again if U.S. port blockades continue. The move followed a temporary ceasefire between Israel and Lebanon, with President Donald Trump confirming the waterway was “completely open and ready for business.”
Diplomatic uncertainty remains. U.S. and Iranian negotiators are scheduled to meet in Islamabad on April 20 after earlier talks collapsed, leaving traders wary of renewed disruption in a corridor that handles about a fifth of global oil shipments.
Analysts cautioned that despite the reopening, energy security is fragile. Any renewed closure of Hormuz could trigger fresh price spikes, with South Asian economies particularly vulnerable to fuel shocks.
