Oil prices slide sharply after Strait of Hormuz reopening

Global oil prices fell sharply after remarks by Iran’s foreign minister stating that the Strait of Hormuz remains fully open during the ceasefire between Israel and Lebanon.

According to trading data from the Intercontinental Exchange, June Brent crude futures dropped below $88 per barrel for the first time since March 11, 2026, amid heightened volatility, Caliber.Az reports. 

At 16:49 GMT+4, Brent crude was down 7.7% at $91.74 per barrel. The decline accelerated over the following minutes, falling to $89.52 (-9.93%) by 16:55, and $88.76 (-10.7%) by 17:09. By 17:11, prices had dropped to $87.71, briefly breaking below the $88 threshold. Later, at 17:18, Brent recovered slightly to $89.39, still down over 10%.

US benchmark West Texas Intermediate (WTI) crude also saw a steep decline, with June 2026 futures falling 10.58% to $81.52 per barrel.

By Sabina Mammadli