April 17, 2026

Oil markets jolted lower and stocks ripped higher after Iran declared the Strait of Hormuz “completely open” to commercial shipping for the rest of the ceasefire, easing fears over one of the world’s most vital energy chokepoints. Brent crude slid to $88 a barrel from above $98 earlier Friday, even as Wall Street surged and European shares jumped on the sudden reprieve. Through the narrow waterway, a fifth of global oil and liquefied natural gas normally flows — and for now, the market is breathing again.

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