In a dramatic turn of events, global markets reacted strongly to the reopening of the Strait of Hormuz. Oil prices experienced a sharp decline of over 10% during late trading on April 17.

Meanwhile, gold and silver prices surged upward. Global stock markets rallied significantly, with European indices generally rising more than 2%. U.S. markets followed suit with substantial gains upon opening.

The market movements followed a statement from Iran's Foreign Minister indicating that the Strait of Hormuz, which had been effectively closed since the outbreak of conflict, would reopen for the remainder of the ceasefire period. The announcement came as part of a 10-day ceasefire agreement in Lebanon announced by the U.S. President on Thursday, involving Israel and Hezbollah, which took effect early Friday.

In a social media post, Abbas Araqchi stated that commercial shipping would have full access through the Strait of Hormuz during the remaining ceasefire period, following previously established coordination routes. The U.S.-Iran ceasefire is set to last until Tuesday.

The U.S. President later confirmed the news on Truth Social, emphasizing the strait's full reopening and expressing gratitude. This development boosted market optimism that one of the most significant energy supply disruptions in recent years might be nearing resolution.

Additional reports indicated the U.S. is considering unfreezing $20 billion in Iranian funds in exchange for its high-enriched uranium stockpile, with negotiations potentially restarting this weekend.

Separately, the Israeli Defense Forces announced that public gatherings would be permitted without restrictions nationwide starting Saturday, effectively lifting wartime security measures. Most areas will resume normal activities on Friday, with frontline communities following on Saturday.

Federal funds futures now indicate approximately 60% probability of Federal Reserve rate cuts by December.