Oil, Energy Stocks Slide as Iran Signals Strait of Hormuz Will Stay Open

By Adriano Marchese

Major energy names fell along with the price of oil Friday morning after Iran said the Strait of Hormuz would remain open to commercial vessels.

The price of oil fell sharply after comments from Iran's foreign minister Abbas Araghchi said the strait, which has been a point of contention in the U.S.-Israel conflict in Iran, would remain open after Israel and Lebanon struck a ceasefire.

Oil prices fell 11% to just over $81 a barrel. Roughly one-fifth of the world's oil passes through the Strait of Hormuz every day. Over the past weeks, tensions escalated and disruption choked off supply, creating volatility in oil prices.

Big energy names such as Exxon Mobil, Chevron and ConocoPhilips were down ahead of the morning bell, down 3.3%, 3.1% and 4.6% respectively. Smaller names like Philips 66 and Kinder Morgan were also down, about 4.3% and 1.1%.

Write to Adriano Marchese at [e-mail]

(END) Dow Jones Newswires

04-17-26 0944ET