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 adriano.marchese@wsj.com
(END) Dow Jones Newswires
April 17, 2026 09:44 ET (13:44 GMT)
Copyright (c) 2026 Dow Jones & Company, Inc.The articles, information, and content displayed on this webpage may include materials prepared and provided by third parties. Such third-party content is offered for informational purposes only and is not endorsed, reviewed, or verified by Morningstar.
Morningstar makes no representations or warranties regarding the accuracy, completeness, timeliness, or reliability of any third-party content displayed on this site. The views and opinions expressed in third-party content are those of the respective authors and do not necessarily reflect the views of Morningstar, its affiliates, or employees.
Morningstar is not responsible for any errors, omissions, or delays in this content, nor for any actions taken in reliance thereon. Users are advised to exercise their own judgment and seek independent financial advice before making any decisions based on such content. The third-party providers of this content are not affiliated with Morningstar, and their inclusion on this site does not imply any form of partnership, agency, or endorsement.
Popular
4 Stocks to Buy Before They Rise Further
2 Undervalued Stocks to Buy Before They Rebound
The 10 Best Dividend Stocks
12 Best Blue-Chip Stocks to Buy for the Long Term
United States