World oil prices tumbled sharply on Friday, with benchmark U.S. crude dropping more than 10 percent to settle below $84 per barrel after Iran declared the Strait of Hormuz fully open to commercial shipping during an ongoing ceasefire, easing fears of prolonged supply disruptions from the Middle East conflict.
As of early Saturday, April 18, 2026, West Texas Intermediate crude futures for May delivery had settled at approximately $82.59 per barrel on the New York Mercantile Exchange, down about 9.4 percent from Thursday's close. Brent crude, the international benchmark, fell 9.1 percent to settle at $90.38 per barrel in London trading. Both benchmarks remain elevated compared with pre-conflict levels around $70 but have retreated from peaks above $118 earlier in the quarter amid heightened tensions.
