Iran threatens to close Hormuz anew, if US blockade continues
Iran threatens to close Hormuz anew, if US blockade continues
Govt will try to further reduce Hajj costs: PM
Govt will try to further reduce Hajj costs: PM

Oil plunges, stocks jump as Iran declares Hormuz open

18 Apr, 2026 08:56 am
NEW YORK, April 18, 2026 (BSS/AFP) - Oil prices tumbled Friday after Iranian officials said they would allow commercial traffic to resume in the Strait of Hormuz, lifting equity markets in Europe and New York, where major indices hit new records. Citing the ceasefire between Israel and Lebanon, Iran's Foreign Minister Abbas Araghchi said Tehran would lift its blockade on shipping through the key Gulf energy trade route. "In line with the ceasefire in Lebanon, the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire," Araghchi said. Traffic in the strategic waterway, through which one-fifth of the world's crude oil normally flows, has been disrupted by Iran since the US-Israeli offensive began on February 28, at one point sending oil prices to a peak of nearly $120 a barrel and roiling the global economy. Both Brent, the benchmark international contract, and its US equivalent WTI fell below $90 per barrel following Tehran's announcement. Brent later cut its losses and finished at $90.38 a barrel, down 9.1 percent. "This news is having an immediate impact on markets," said Kathleen Brooks, research director at XTB. The move also sent a jolt through equity markets, extending a rally in New York, where equities have pushed ever higher since late March in anticipation of a breakthrough in the Middle East crisis. "We had seen a big move the last two weeks and now it's just really pricing completely out the worst-case" scenario, said Angelo Kourkafas, from Edward Jones. Kourkafas also pointed to underlying strength in the US economy that should get more attention in the coming period as geopolitical concerns ebb. "Geopolitical developments are moving the right direction and at the same time the earning strength is hard to ignore," Kourkafas said. The broad-based S&P 500 finished at 7,126.06, up 1.2 percent for the day and 4.5 percent for the week. - 'Good news' - Earlier, European stocks closed higher, with both Frankfurt and Paris gaining two percent. US President Donald Trump cheered the reopening of the Strait of Hormuz in an interview with AFP. "We're very close to having a deal," Trump said in a brief telephone call with AFP from Las Vegas, adding there were "no sticking points at all" left with Tehran. But Iran quickly pushed back on one key point. Iran's foreign ministry said Friday that its stockpile of enriched uranium would not be transferred "anywhere," rejecting an earlier claim by Trump that the Islamic republic had agreed to hand it over. Shipping industry figures, meanwhile, gave a cautious welcome to Iran's announcement. A spokesman for German transportation giant Hapag-Lloyd, which has ships stuck in the Gulf, told AFP by phone that the reopening was "in general... good news." But he cautioned that shippers still needed details of what route vessels could take and in what order, citing fears of mines. "One thousand ships cannot just go now to the entrance of the strait, that will be chaos. They (the Iranians) need to give clear orders," said the spokesman, Nils Haupt. "We would be ready to go very soon if some of these open questions can be solved within the weekend." - Key figures around 2020 GMT - Brent North Sea Crude: DOWN 9.1 percent at $90.38 a barrel West Texas Intermediate: DOWN 11.5 percent at $83.85 a barrel New York - Dow Jones: UP 1.8 percent at 49,447.43 (close) New York - S&P 500: UP 1.2 percent at 7,126.06 (close) New York - Nasdaq Composite: UP 1.5 percent at 24,468.48 (close) London - FTSE 100: UP 0.7 percent at 10,667.63 (close) Paris - CAC 40: UP 2.0 percent at 8,425.13 (close) Frankfurt - DAX: UP 2.3 percent at 24,702.24 (close) Tokyo - Nikkei 225: DOWN 1.8 percent at 58,475.90 (close) Hong Kong - Hang Seng Index: DOWN 0.9 percent at 26,160.33 (close) Shanghai - Composite: DOWN 0.1 percent at 4,051.43 (close) Euro/dollar: DOWN at $1.1776 from $1.1781 on Thursday Pound/dollar: UP at $1.3530 from $1.3527 Dollar/yen: DOWN at 158.49 yen from 159.17 yen Euro/pound: DOWN at 87.02 pence from 87.09 pence  
Oil plunges, stocks jump as Iran declares Hormuz open
PM inaugurates Hajj flights
PM inaugurates Hajj flights
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PM exchanges pleasantries with Hajj pilgrims at Ashkona Camp
Iran declares Hormuz open as Lebanon ceasefire begins
Iran declares Hormuz open as Lebanon ceasefire begins
Afroza inaugurates 'Road to Makkah' to ease Hajj travel
Afroza inaugurates 'Road to Makkah' to ease Hajj travel
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No ministry official provides information on oil import from Russia
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Iran threatens to close Hormuz anew, if US blockade continues
Iran threatens to close Hormuz anew, if US blockade continues
WASHINGTON, United States, April 18, 2026 (BSS/AFP) - Tehran on Saturday threatened to shut the Strait of Hormuz once more if the United States continues its blockade of Iranian ports, hours after the key waterway was reopened in the wake of a ceasefire deal in Lebanon. The resumption of transit had lifted stock markets on Friday and prompted optimism from Washington, with US President Donald Trump telling AFP a peace deal was "very close" and saying Iran had agreed to hand over its enriched uranium -- a key sticking point in negotiations. "We're going to get it by going in with Iran, with lots of excavators," Trump told a gathering of the conservative Turning Point USA movement in Phoenix, Arizona. Iran, however, pushed back on the claim, saying its stockpile of enriched uranium was not going anywhere. It also warned that if US warships interdict vessels coming from Iranian ports, the Strait of Hormuz -- a key global artery through which a fifth of global crude oil and liquefied natural gas typically passes -- could be closed again. "With the continuation of the blockade, the Strait of Hormuz will not remain open," parliamentary speaker Mohammad Bagher Ghalibaf wrote on X, adding that passage through the waterway would require authorization from Iran. "The opening and closing of the Strait of Hormuz, does not take place on internet, it is determined in the field, and our armed forces certainly know how to behave in response to any action by the other side," said Iranian foreign ministry spokesman Esmaeil Baqaei. "What they call a naval blockade will definitely be met with an appropriate response from Iran. A naval blockade is a violation of the ceasefire and Iran will definitely take the necessary measures." The sour notes came on a day that Trump had hailed as "GREAT AND BRILLIANT," with a series of social media posts praising talks mediator Pakistan and Gulf allies, while telling NATO to "STAY AWAY" as he rejected the alliance's offer to help secure the strait. In his phone interview with AFP, Trump added: "Looks like it's going to be very good for everybody. And we're very close to having a deal," adding that there were "no sticking points at all" left with Tehran. - Fragile gains - Oil prices had already been falling on hopes of a negotiated end to the conflict, and the drop accelerated on Friday, with stocks heading upwards as traders drank in the optimism. Late Friday, the US issued another waiver allowing the sale of Russian oil and petroleum products already at sea, a move likely to further soften oil prices as it increases supply. The ceasefire in Lebanon and the reopening of the strait marked key progress in Washington's push for a broader deal to end its war with Iran, after Tehran insisted that halting the Lebanon fighting must be part of any agreement. In Lebanon, displaced families used the 10-day truce to return to homes in bomb-damaged south Beirut and the war-ravaged south. "Our feelings are indescribable, pride and victory," 37-year-old Amani Atrash told AFP, adding that she hoped the ceasefire would be extended. Trump said Israel had been "prohibited" by Washington from carrying out further strikes. "Enough is enough!" he said, adding that the United States would work with Lebanon "and deal with the Hezbollah situation in an appropriate manner." - Truce under strain - The fighting in Lebanon began on March 2, when Hezbollah fired rockets at Israel days after the wider Middle East war began and in retaliation for the killing of Iran's supreme leader Ali Khamenei. Separately, the Israeli military said it was lifting wartime restrictions, though Prime Minister Benjamin Netanyahu warned that the campaign against Hezbollah was not over. "We have not yet finished the job," he said, adding that a key objective was the "dismantling of Hezbollah." Israel warned that military action could resume if the area between the security zone and the Litani River is not cleared of Hezbollah fighters, while Lebanese President Joseph Aoun insisted his country would no longer serve as an arena for outside conflicts. Hezbollah, meanwhile, warned it remained ready to respond to any Israeli violations.  

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Date : 18 Apr, 2026
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