Energy Update: Oil Plummets as Hormuz Tension Thaws
Global markets are witnessing a massive shift as Crude Oil (WTI) tumbled nearly 11%, sliding toward $84 per barrel. This sharp decline follows official confirmation that the Strait of Hormuz remains fully open for commercial traffic under a diplomatic ceasefire. The sudden removal of the "Hormuz risk premium" has sparked a historic rally on Wall Street, with the S&P 500 and Nasdaq hitting all-time record highs today. Investors are pivoting from energy hedges back into tech and growth stocks as inflation fears cool alongside falling fuel prices.
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References:
Economy Middle East: "Oil prices slump as Iran keeps Strait of Hormuz open; stocks rally" (April 17, 2026).
The Straits Times: "Wall Street indexes hit record highs as oil falls" (April 18, 2026).
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