Trump announced a two-week ceasefire with Iran less than 90 minutes before his deadline for reopening the Strait of Hormuz. US crude settled 16.4% lower at $94.41 and Brent fell 13.3% to $94.75, after Brent had briefly topped $119 during the war. The S&P 500 rose 2.5% to 6,782.81, the Dow gained 1,325 points and the 10-year Treasury yield slipped to 4.29%. Iran said the same day it was closing the strait again after Israeli attacks in Lebanon.
Why it matters for listed companies
Fuel is the biggest swing cost for airlines and cruise lines: United rose 7.9% and Carnival 11.2% on the day. For oil producers and refiners the move works the other way, cutting realised prices from the wartime peak. Cheaper oil also eased rate pressure; the 10-year yield fell and CME data showed traders pricing a nearly 25% chance of renewed Fed cuts in 2026. With the ceasefire fragile and independent trackers seeing no change in Hormuz traffic, the relief for fuel-heavy sectors depended on tankers actually moving.
Euro in US dollars 1.1706 → 1.1208-0.0498 08 Apr 2026 → 15 Oct 2026 · ECB reference rate
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