Full reopening of Strait of Hormuz announced; Brent falls about 10% intraday

Qatar News Agency reported on 17 April that the full reopening of the Strait of Hormuz had been announced, and that Brent for June delivery fell 10.42% to $89.03 a barrel. Our price data record a smaller 5.81% close drop to $87.52 for the day. Shipping through the strait had been restricted during the conflict, so the reopening was the main supply news for crude that day.

• QNA reported Brent down 10.42% to $89.03 a barrel for June delivery
• Our data show Brent closing down 5.81% at $87.52 on 17 April
• WTI (CL) fell 6.83% on the day, while the S&P 500 rose 1.05%