Oil prices declined on April 17. West Texas Intermediate (WTI) futures dropped toward $93 per barrel. This movement continues a weekly decline driven by potential de-escalation in the Middle East.
Market volatility increased on prospects of reopening the Strait of Hormuz. The regional conflict has lasted nearly 50 days. Naval blockades during this period disrupted a significant portion of the global oil supply.
President Trump claimed Tehran agreed to terms for a permanent ceasefire. Iranian officials have not publicly confirmed the agreement. Reduced supply risks impact the earnings outlook for oil and gas producers tracked by the VDE ETF.