Strait Of Hormuz Opening Triggers Market Rally

Oil prices fell sharply after Iran announced the Strait of Hormuz would remain open to commercial shipping during the ongoing ceasefire, according to reports. Brent crude dropped to about $88 per barrel, down from above $98 earlier in the day, reflecting easing supply concerns.

Iranian Foreign Minister Abbas Araghchi said all vessels could pass safely through the vital route for the remainder of the ceasefire. The strait handles roughly one-fifth of global oil and gas shipments, making it critical to global markets.

The report said global equities surged in response. U.S. indices, including the S&P 500 and Dow Jones, rose, while European markets also recorded gains.

Oil and gas prices plunged early Friday after Iran said the Strait of Hormuz is now completely open to traffic, but Mia Gindis says it may take some time for tanker traffic to bounce back https://t.co/E5pRJiyd5j pic.twitter.com/Q6lgR5Leg5

— Bloomberg TV (@BloombergTV) April 17, 2026

Oil prices had surged above $100 earlier in the conflict after shipping disruptions. Analysts warn, however, that caution remains. Shipping firms told the BBC they are hesitant to resume transit immediately due to safety risks.

President Donald Trump welcomed the move but confirmed that the U.S. naval blockade would continue until a permanent deal is reached.

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