Oil crashes 10% as Iran reopens Hormuz, but Trump keeps the squeeze

Iran declared the Strait of Hormuz fully open Friday after seven weeks of closure, triggering the sharpest oil sell-off since March 2022. WTI fell to $84.95 per barrel while Brent dropped to $90.87, erasing $500 billion from energy markets as traders priced in normalised supply flows. Yet Trump's naval blockade stays active until Iran agrees to uranium transfers, keeping 19 vessels turned away and preserving leverage for nuclear talks set to resume in Pakistan within days. The reopening hinges on Lebanon's fragile ceasefire holding, making this relief temporary unless broader deals materialise.