Global oil prices fell significantly on Friday following the announcement that the Strait of Hormuz has been reopened to commercial traffic. While European stock markets saw gains, the Lisbon stock index, the PSI, fell as energy companies like Galp experienced an abrupt correction in share prices. The reopening follows a ceasefire agreement between Israel and Lebanon, though the long-term stability of the route remains a focus for investors.
Oil prices drop as Strait of Hormuz reopens
Friday, 17 April 2026AI summary
Context & Explainers
The PSI (commonly the PSI-20) is Portugal's main stock market index, tracking the largest companies listed on Euronext Lisbon and serving as a benchmark for the Portuguese market. Moves in the PSI, such as a 16-year high mentioned in the story, matter for investors, pension funds and anyone with exposure to Portuguese equities.
5 sources
- Iran fully reopens Strait of Hormuz but US blockade remains active "in full force"CNN Portugal ·
- Oil prices fall more than 10% with the opening of the Strait of HormuzPúblico ·
- Stock markets celebrate opening of Hormuz with 2% gains. Galp falls 5% and puts pressure on LisbonECO ·
- Portugal stocks lower at close of trade; PSI down 0.51% - Investing.comInvesting.com ·
- Gold and silver prices recover to levels from a month ago following the reopening of the Strait of HormuzRTP Notícias ·
