April 17, 2026 The Wall Street Journal
Oil prices plunged more than 10% and stocks jumped after Iran said the Strait of Hormuz is "completely open" to commercial vessels following a cease-fire in Lebanon.
The comments from Iran's foreign minister on X came as a newly struck cease-fire between Israel and Lebanon appeared to be holding on its first day. The 10-day truce began at midnight local time after weeks of fighting between the Israeli military and the Iran-backed Lebanese militant group Hezbollah.
Iran had insisted that strikes on Lebanon must stop as part of any peace deal with the U.S. and Israel. Trump also said the U.S. might hold discussions with Iran this weekend. “We’re very close to making a deal,” he told reporters. He said he was open to traveling to Pakistan to close the deal with Iran.
Iran won’t accept another temporary cease-fire, its deputy foreign minister said, instead seeking a permanent end to the Middle East war.
A U.S. proposal for direct talks between Israel and Lebanon would include the two countries’ leaders but sideline Hezbollah, meaning any peace agreement would be on shaky ground.
France and the U.K. will today host a virtual meeting of dozens of countries to discuss postwar plans to restore shipping through the Strait of Hormuz.