Snapping two days of gains, crude oil went into a tailspin on Friday after Iran reopened the Strait of Hormuz, a critical sea-route through which 20% of the world's oil transit takes place, thereby easing supply-related concerns.
WTI Crude Oil for May month delivery was last seen trading down by $11.17 (or 10.58%) at $84.11 per barrel.
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Market Analysis
April 17, 2026 15:29 ET The ongoing conflict in the Middle East continues to raise concerns for policymakers who worry about the impact of the supply shock and high energy prices on the real economy. Producer price data and various survey results on the housing market were the main news from the U.S. this week. In Europe, industrial production data for the euro area gained attention. GDP figures out of China and the policy move by the Singapore central bank were in focus in Asia.