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A fragile pause in the Iran conflict produced a volatile weekend that briefly eased — then revived — global energy and market jitters.
A U.S.-brokered 10-day Lebanon-Israel ceasefire announced April 16 prompted Iranian Foreign Minister Abbas Araqchi on April 17 to say the Strait of Hormuz was open to commercial shipping for the truce period.
That news sent Brent down about 9% to $90.38 and U.S. crude down roughly 11% to $83.85, while U.S. indexes (S&P 500, Nasdaq and Dow) hit record closes.
Ships tested the route but many turned back, citing safety and insurance concerns; Iran said transits must be coordinated with the Islamic Revolutionary Guard Corps and hinted at charging fees.
On April 18 Tehran reversed course, saying it had tightened control over the strait, radioed that some vessels were barred and at least two merchant ships were reportedly hit by gunfire, including an Indian-flagged tanker identified by New Delhi as the Sanmar Herald.
Washington and Tehran signalled ongoing negotiations — mediated partly by Pakistan — even as uncertainty about mines, insurance and enforcement left shipping and markets on edge.







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