Gas prices fall in Amsterdam after Strait of Hormuz reopens; Global prices down 10%

Gas prices in Amsterdam fell by nearly 8% after Iranian Foreign Minister Abbas Araghchi said the Strait of Hormuz had been reopened to commercial shipping. The announcement also pushed global prices down by around 10%. On the Amsterdam gas market, prices dropped to just above 39 euros per megawatt hour.

Roughly 20% of the world’s oil shipments pass through the Strait of Hormuz. During the war, Iran had largely shut the vital shipping route to oil and gas tankers. U.S. crude oil prices declined by almost 12%, reaching $83.30 per barrel, while Brent crude lost over 11%, falling to $87.90 per barrel.

Araghchi’s comments came after a 10-day ceasefire between Israel and Hezbollah in Lebanon took effect. He said ships are allowed to transit the Strait of Hormuz using a “coordinated route” designated by Iran.

The Royal Association of Dutch Shipowners (KVNR) has welcomed the announcement, describing it as a positive development. At the same time, the organisation remains cautious, saying key details are still uncertain. It is calling for clear, verifiable guarantees to ensure safe passage through the vital shipping route as soon as possible.

“While our members are keen to get back under way quickly, safety and reliability remain the top priority,” said KVNR director Annet Koster. The association added that significant uncertainties remain, including Iran’s earlier request for transit fees and concerns about the possible presence of naval mines.

That is why the KVNR is first seeking guarantees. “This includes, among other things, full transparency about any sea mines that may have been laid and other risks,” the KVNR said in a statement.

Even so, the KVNR also sees the development as a positive sign. If the strait fully reopens, ships that have been stuck in the Persian Gulf for weeks would be able to sail out again. The association previously reported that nearly 100 Dutch vessels had been held up as a result of the blockade.

U.S. President Donald Trump responded positively to the news on Truth Social. In capital letters, Trump wrote: “Iran has just announced that the Strait of Hormuz is fully open and ready for full passage. Thank you!’”

Although prices have fallen, the International Energy Agency (IEA) cautioned that the effects of the recent disruption will linger. It estimates that Europe holds only around six weeks of kerosene stock, raising the risk of flight cancellations and higher airfares in the coming summer travel season. KLM announced yesterday that they are cancelling 160 flights in May due to the high fuel prices.

A significant backlog of tankers accumulated in and around the Gulf of Oman and the Persian Gulf during the disruption, as vessels were forced to anchor or slow down pending a ceasefire and improved security conditions.

Analysts warn that while traffic is gradually resuming, clearing the backlog alone could take at least two to three weeks under optimal conditions, with full supply chain normalization expected to take considerably longer.