Oil tumbled after Iran said it would reopen the Strait of Hormuz and Donald Trump signalled Washington and Tehran were closing in on a deal to end a war that has shaken global markets. Brent crude settled 9.1 per cent lower at $90.38 a barrel, the lowest in five weeks, while European gas prices fell 7 per cent. The S&P 500 rose 1.2 per cent, on course for a third straight weekly gain, and is up more than 9 per cent in April as traders bet on de-escalation after the conflict sent a fresh burst of inflationary pressure through the world economy.

On the ground, the picture stayed unsettled. Satellite tracking showed at least 25 vessels heading for the strait, including three container ships from French line CMA CGM, four Greek tankers and several Chinese vessels, but at least 12 that had begun the passage turned back. Iranian parliamentary Speaker Mohammad Bagher Ghalibaf dismissed Trump's claims, saying the strait "will not stay open" while the US naval blockade — ordered this week to prevent ships entering or leaving Iranian ports — remains in force. A fifth of the world's oil passed through the strait before the war; the seven-week closure has triggered a global energy crisis and handed Tehran leverage.

A nuclear deal remains the main sticking point. Trump demands Iran hand over its 440kg stockpile of enriched uranium, while Tehran insists on its right to enrich and wants to rebuild its Natanz and Fordow enrichment sites, both bombed during Israel's 12-day war last June. Pakistan is mediating; the current two-week ceasefire expires Tuesday night. Source: Financial Times, 17 April 2026, Andrew England, Malcolm Moore, Humza Jilani and Steff Chávez.