Oil prices drop as Strait of Hormuz reopens
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.
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.
