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Stock markets soar and oil prices fall as Strait of Hormuz reopens

Stay up to date with notifications from The IndependentNotifications can be managed in browser preferences.Jump to contentThank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged inAllNewsSportCultureLifestyleJapanese and South Korean stock markets experienced significant gains on Friday, driven by a fragile peace agreement in the Middle East that led to the reopening of the crucial Strait of Hormuz. The reopening of the Strait, following the lifting of a US blockade on Iran, caused Brent crude oil prices to tumble by 1 per cent to $79.03 a barrel, easing global inflation concerns. Analysts cautioned that future governance of the Strait of Hormuz by Iran and Oman could lead to the imposition of a 'maritime service' fee, undermining international norms on free navigation after the current 60-day toll-free period. The US dollar strengthened significantly, reaching near a 13-month high against major currencies, largely due to a hawkish Federal Reserve outlook, which pushed the Japanese yen to its weakest level in two years. Intel shares surged by 10 per cent following an announcement by Donald Trump regarding Apple's collaboration with Intel on US chip manufacturing, while the British pound dipped after the Bank of England held interest rates steady. In fullOil prices fall and Asian stocks rise as Strait of Hormuz reopensThank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in

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