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blog-article-logo Wednesday, 06 May 2026

Oil prices plunge over 10%, US stocks surge after Iran reopens Hormuz

The US stock market has jumped more than 12% since hitting a bottom in late March on hopes the United States and Iran can avoid a worst-case scenario for the global economy despite their war

Our Web Desk, Agencies Published 17.04.26, 12:12 PM
A woman reacts as emergency personnel search for survivors at the site of an Israeli strike carried out just before a 10-day ceasefire between Lebanon and Israel, in Tyre, Lebanon, April 17, 2026.

A woman reacts as emergency personnel search for survivors at the site of an Israeli strike carried out just before a 10-day ceasefire between Lebanon and Israel, in Tyre, Lebanon, April 17, 2026.Credit: Reuters

Key Events
Last update 17.04.26 11:21 PM

Israel drone strike kills one in Lebanon after ceasefire

An Israeli strike in the area of Kounine hit a car and a motorcycle, killing one person and wounding three, including a Syrian citizen, Lebanon's health ministry said Friday.

It was the first airstrike and first fatality reported since a 10-day truce between Israel and the Lebanese militant group Hezbollah took effect overnight.

The Lebanese army and UN peacekeepers in southern Lebanon had reported sporadic artillery shelling in some parts of the south in the hours after the ceasefire took effect.

The Israeli army did not immediately respond to a request for comment. Israel has maintained that it still has the right to strike in Lebanon in response to perceived threats despite the ceasefire. There was no immediate response from Hezbollah.

Thousands head home as US-brokered truce holds in Lebanon

Last update 17.04.26 10:55 PM

Iran warns of retaliation if US blockade in Hormuz Strait continues

Iran warns of retaliation if US blockade in Hormuz strait continues, says Iranian Foreign ministry spokesperson to State TV 

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Last update 17.04.26 10:51 PM

Israel not yet 'finished' with Hezbollah: Netanyahu

Prime Minister Benjamin Netanyahu on Friday said Israel agreed to a temporary ceasefire in Lebanon "at the request of my friend President Trump," but the campaign against Hezbollah is not yet complete.

Netanyahu claimed Israel had destroyed about "90 per cent" of Hezbollah's missile and rocket stockpiles, but added "we have not yet finished" dismantling the group.

His statement came shortly before Trump said, in a social media post, that Israel was prohibited by the US from bombing Lebanon any longer, adding: "Enough is enough!!!"

Last update 17.04.26 10:40 PM

Iran says IRGC clearance required for Hormuz transit

All ships can sail through the Strait of Hormuz but this needs to be coordinated with Iran’s Islamic Revolutionary Guard Corps (IRGC), a senior Iranian official told Reuters, adding that unfreezing Iranian funds was part of the deal.

Foreign Minister Abbas Araqchi wrote on X that the strait was open after a ceasefire accord was agreed in Lebanon, while U.S. President Donald Trump said he believed a deal to end the Iran war would come "soon", although the timing remains unclear.

Hundreds of ships and 20,000 seafarers have remained stranded inside the Gulf waiting to pass through the key waterway, which handles about 20% of the world's oil and liquefied natural gas flows.

The Iranian official said transits would be restricted to lanes that Iran deemed safe, adding that military vessels were still prohibited from crossing the strait.

"Releasing Iran's funds was part of the agreement for reopening the strait," the official noted, referring to an estimated $30 billion in frozen revenue, generated mainly from oil and gas exports, blocked amid U.S. sanctions on Tehran.

Last update 17.04.26 10:04 PM

Oil prices plunge over 10%, US stocks surge after Iran reopens Hormuz

Oil prices dropped more than 10% Friday, and US stocks raced toward another record after Iran said the Strait of Hormuz is open again for commercial tankers carrying oil from the Persian Gulf to customers worldwide.

The S&P 500 leaped 1.3% as Wall Street rallied to the finish of a third straight week of big gains, its longest streak since Halloween. A freer flow of oil would take pressure off prices not only for gasoline but also for groceries and all kinds of other products that get moved by vehicles. It could even ultimately help people pay less on credit-card interest or mortgage bills.

The Dow Jones Industrial Average briefly climbed nearly 1,070 points and was up 978 points, or 2%, as of 11:45 am Eastern time, while the Nasdaq composite was 1.6% higher

The US stock market has jumped more than 12% since hitting a bottom in late March on hopes the United States and Iran can avoid a worst-case scenario for the global economy despite their war.

Last update 17.04.26 9:36 PM

Trump says Iran will halt nuclear program indefinitely, no US frozen funds transfer planned

Trump announces Iran deal on indefinite nuclear suspension, blocks frozen funds transfer- Bloomberg News 

Last update 17.04.26 9:31 PM

Trump says US works with Iran to clear mines from Strait of Hormuz

Trump claims cooperation with Iran on clearing mines in Strait

Last update 17.04.26 9:29 PM

Israeli military source confirms restriction on civilian return to southern Lebanon remains

Israeli military source: Return of Lebanese civilians to southern border areas still restricted

Last update 17.04.26 8:33 PM

Trump again claims Iran agreed to hand over enriched uranium

US President Donald Trump on Friday again claimed that Iran has agreed to hand over enriched uranium

"The U.S.A. will get all Nuclear Dust,' created by our great B2 Bombers - No money will exchange hands in any way, shape, or form," Trump said in a social media post.

"Nuclear dust" is shorthand that Trump frequently uses to refer to the highly-enriched uranium believed to be buried under nuclear sites that the US bombed during last year's 12-day war between Israel and Iran.

If true, it would be a major concession from Iran and would lock in a key US demand to end the conflict. But neither Iran nor countries acting as intermediaries in the conflict have said that Tehran has made such an agreement.

Trump on Thursday also asserted that Iran has "agreed to give us back the nuclear dust".

Last update 17.04.26 7:49 PM

Starmer welcomes Hormuz reopening, calls for lasting solution, no tolls on transit

British Prime Minister Sir Keir Starmer then speaks saying the leaders welcome the news that Iran is opening the Strait of Hormuz but adds that it needs to be a long lasting and workable solution, as reported by BBC.

He says the international leaders came together to promote a unified message that the strait must be opened without tolls and without restrictions.

Starmer calls for shipping to resume as soon as conditions permit to manage the economic shock.

He says France and the UK will lead an international mission to protect freedom of navigation "as soon as conditions allow, strictly peaceful and defensive".

He continues saying there will be a planning conference in London next week, with a dozen countries set to contribute assets to the mission.

He finishes by saying "our citizens need to see a return to peace and stability".

Last update 17.04.26 7:47 PM

Macron welcomes Iran move on Hormuz, backs full free passage

French President Emmanuel Macron welcomed on Friday the announcement by Iran that it was allowing the critical Strait of Hormuz to re-open for as long as a ceasefire remains in place, with Macron saying it "goes in the right direction."

Macron also said a meeting will be held in London next week to discuss the Strait of Hormuz.

Macron was speaking at a news conference after France and Britain chaired a meeting of around 40 countries aimed at signalling to the United States that some of its closest allies are ready to play a role in restoring freedom of navigation in the Strait of Hormuz once conditions allow.

"We all call for the immediate, unconditional, and full reopening of the Strait of Hormuz by all parties. We call for the restoration of the conditions of free passage that were in effect before the war and full respect for the law of the sea," said Macron.

"We all oppose any restrictions or system of agreements that would, in effect, amount to an attempt to privatize the strait—and, of course, any toll system," he added. 

Last update 17.04.26 7:45 PM

Airstrikes halt after ceasefire, UN peacekeepers report shelling, no Israeli withdrawal in south Lebanon

UN peacekeepers in Lebanon on Friday said airstrikes have halted since ceasefire.

Tilak Pokharel, a spokesperson for the US peacekeeping force in southern Lebanon known as UNIFIL, said peacekeepers have not observed any airstrikes since midnight, when a 10-day truce between Israel and Hezbollah took effect.

He said, however, that they had observed "artillery shelling in several areas in south Lebanon" up until 6 am and "continue to observe IDF airspace violation in their area of operations," referring to the Israeli military.

He added that they have observed Israeli forces moving back and forth, but "no withdrawal."

"They are remaining in positions, including in Bint Jbeil," Pokharel said, referring to a village about 5 km from the border where heavy fighting had taken place before the ceasefire.

Last update 17.04.26 7:43 PM

EU urges Iran to keep Strait of Hormuz transit free, drop fee plans

Iran should abandon all plans to levy transit fees in the Strait of Hormuz and keep transit open for all, EU foreign policy chief Kaja Kallas Said on Friday.

"Under international law, transit through waterways like the Strait of Hormuz must remain open and free of charge," Kallas said in a post on X. "Any pay-for-passage scheme will set a dangerous precedent for global maritime routes. Iran has to abandon any plan to levy transit fees."

Kallas said Europe will play a part in restoring the free flow of energy and trade once a ceasefire in the region takes hold.

In a separate post on X, EU Commission President Ursula von der Leyen said the EU could help through sharing satellite data and by reinforcing its Aspides naval mission that is currently operating in the Red Sea.

Last update 17.04.26 7:42 PM

Trump says US to secure nuclear material, bars Israel from bombing Lebanon

Donald Trump said the United States will get all nuclear “dust” created by its B2 bombers, added Israel will not bomb Lebanon any longer and is prohibited from doing so by the US.

He said no money will exchange hands and the deal is not subject to Lebanon, while the US will work separately with Beirut.

Last update 17.04.26 7:10 PM

Trump says Iran naval blockade stays, Hormuz open for full passage

US President Donald Trump said on Friday that the naval blockade on Iran will "remain in full force" until a deal with Tehran is struck.

"The Strait of Hormuz is completely open and ready for business and full passage, but the naval blockade will remain in full force and effect as it pertains to Iran, only, until such time as our transaction with Iran is 100% complete," he wrote on Truth Social in all caps.

His comments came after Iran said the Strait of Hormuz was open to all vessels following a ceasefire between Israel and Lebanon.

Last update 17.04.26 7:05 PM

Oil prices plunge by 10% after Iran opens Hormuz for passage of commercial vessels

Oil prices plunged by over 10 per cent on Friday, extending previous losses, after Iran's foreign minister said that the passage for all commercial vessels through the Strait of Hormuz was open for the remaining ceasefire period, in line with that in Lebanon.

Brent crude futures dropped by $11.12, or 11.2 per cent, to $88.27 a barrel at 1311 GMT. US West Texas Intermediate crude futures fell $11.40, or 12 per cent, to $83.29 a barrel.

"Comments from Iran's foreign minister indicate a de-escalation as long as the ceasefire is in place, now we need to see also if the number of tankers crossing the Strait increases substantially," UBS analyst Giovanni Staunovo said.

Prices were already down earlier in the session as possible further talks between the US and Iran at the weekend and a 10-day ceasefire between Lebanon and Israel raised investors' hopes the war in the Middle East could be nearing an end.

Last update 17.04.26 7:00 PM

Iran foreign minister: Strait of Hormuz open for commercial vessels during Lebanon ceasefire

Iran on Friday said that the Strait of Hormuz is "completely open" for all commercial vessels.

The announcement by Iranian Foreign Minister Abbas Araghchi comes a day after US President Donald Trump announced a 10-day ceasefire between Lebanon and Israel.

"In line with the ceasefire in Lebanon, the passage for all commercial vessels through the Strait of Hormuz is declared completely open for the remaining period of the ceasefire," Araghchi said in a post on X.

He, however, said the ships must sail "on the coordinated route as already announced" by the Ports and Maritime Organisation of Iran.

Minutes later, President Trump also shared the announcement in a post on Truth Social.

"Iran has just announced that the Strait of Iran is fully open and ready for full passage. Thank you!" Trump said.

Last update 17.04.26 4:52 PM

Lebanon president calls talks with Israel sensitive, ceasefire entry point for negotiations

Joseph Aoun on Friday said that, direct talks with Israel are “sensitive and pivotal,” calls for unified national responsibility.

Aoun added that ceasefire with Israel is the entry point for negotiations.

According to him, focus is to ensure ceasefire stands, Israel withdraws from south Lebanon and detainees return.

Army will play an essential role after Israel withdraws from South Lebanon and it will reassure the returning of South Lebanon residents. Aoun says that army will ensure that no armed groups will be present.

Last update 17.04.26 4:17 PM

Indian refiners line up cargoes after US ends waiver on Russian, Iranian oil

Indian oil refiners are doing their best to line-up oil cargoes to meet local demand, an Indian government official said on Friday, after the United States decided not to extend a waiver from sanctions on crude purchases from Russia and Iran. The US waiver for sanctioned Russian oil purchases expired on April 11 and the exemption on Iranian oil is due to end on April 19.

Last update 17.04.26 4:13 PM

Israel says Hezbollah to disarm south of Litani after ceasefire end

Hezbollah to be disarmed south of Litani either through political means or military activity after ceasefire ends, said Israeli Defense Minister Israel Katz on Friday.

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