[International Oil Prices] Crude Prices Plunge on Declaration of "Opening the Strait of Hormuz"...WTI at $84

[Financial News]  \r\n
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International oil prices tumbled on the 17th local time.
The decline came as concerns over supply disruptions eased after IRI, which had been blocking the Strait of Hormuz, declared a "full opening."
Brent Crude Oil for June delivery, the global benchmark, closed at $90.93 per barrel, down $8.46, or 8.51%, from the previous session.
West Texas Intermediate crude oil (WTI) for May delivery, the U.S. benchmark, finished at $83.85 per barrel, down $10.84, or 11.45%.
Oil prices also fell sharply on a weekly basis.
Brent Crude Oil dropped 4.49% over the past week, while WTI plunged 13.17%.
A post by Seyed Abbas Araghchi, Iran's foreign minister, on social media X (formerly Twitter) triggered the sell-off.
Araghchi declared that the Strait of Hormuz would be "fully open" during the remaining ceasefire period with the United States, which runs until the 21st.
The declaration of a "full opening" came after Donald Trump said on the 16th that the war with Iran would end "pretty quickly," and told Axios in an interview on the 17th that "talks will probably take place this weekend" and that "a deal will be reached within a day or two."
Trump posted on his social media platform Truth Social on the 17th, thanking Iran for opening the strait. However, in a second post, he made clear that the U.S. Navy blockade of Iranian ports would continue until the United States reaches an agreement with Iran.
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dympna@fnnews.com Song Kyung-jae Reporter