Oil drops 9%, stock futures surge after Iran says Strait of Hormuz is ‘completely open’ during ceasefire
perigon
Last updated: April 18, 2026
Oil prices experienced a significant decline and stock futures rose following a statement by Iran's foreign minister. He assured that the Strait of Hormuz would remain fully accessible for commercial shipping for the rest of the year. This announcement eased immediate geopolitical concerns that had been driving up energy costs.
- The statement by the Iranian foreign minister directly addressed anxieties about potential disruptions to oil supply routes. The Strait of Hormuz is a critical chokepoint for global oil shipments, and any threat to its openness typically leads to heightened oil prices and market volatility.
- The market reacted positively to this reassurance, with crude oil futures experiencing a sharp drop. This suggests that a substantial portion of the recent price increase was attributed to the perceived risk of conflict and trade restrictions in the region.
- Simultaneously, stock futures, particularly in the energy sector, surged. This indicates investor confidence in a more stable global energy market and a reduced likelihood of immediate supply chain shocks. The assurance from Iran aims to de-escalate tensions and foster continued international trade.
