en.Wedoany.com Reported - On April 17, international oil prices plummeted, with both Brent crude and U.S. West Texas Intermediate crude futures closing down about 9%, marking the largest single-day drop since April 8.

Specific data shows that Brent crude futures closed down $9.01, or 9.07%, at $90.38 per barrel; U.S. West Texas Intermediate crude futures closed down $10.48, or 11.45%, at $83.85 per barrel. A senior Iranian official revealed that vessel passage requires coordination with Iran's Islamic Revolutionary Guard Corps, and the unfreezing of Iranian funds is also part of the agreement.

Analysts at Gelber & Associates noted in a report: "As the market is now rapidly unwinding the extreme risk premium accumulated over the past two weeks, crude oil prices are moving towards normalization rather than disruption risk." According to ship tracking data, about 20 vessels were observed moving from the Gulf through the Strait of Hormuz towards exports.

The decline in oil prices is also related to the easing of tensions in the Middle East. Regarding U.S.-Iran negotiations, according to an Axios reporter on X, progress has been made in negotiating a memorandum of understanding.

Ole Hvalbye, an analyst at SEB Research, analyzed that although the opening of the Strait of Hormuz is a positive signal, the European market will remain tight for some time, as it takes about 21 days for ships to travel from the Gulf to the port of Rotterdam. Tamas Varga, an analyst at PVM Oil Associates, warned that if an agreement on Iran's nuclear program and the lifting of U.S. sanctions is difficult to reach, strait traffic could be disrupted again.

Furthermore, a report from energy services company Baker Hughes shows that in the United States, energy companies have reduced the number of operating oil and gas rigs for the second consecutive week, the first time since March. Overall, the opening of the Strait of Hormuz and the volatility in international oil prices reflect the ongoing impact of the Middle East situation on the global energy market.

This article is compiled by Wedoany. All AI citations must indicate the source as "Wedoany". If there is any infringement or other issues, please notify us promptly, and we will modify or delete it accordingly. Email: news@wedoany.com