Hormuz reopens as Trump signals Iran deal and energy prices ease - 17 April 2026

As of April 17, the news is dominated by developments surrounding the ongoing conflict in Iran, the reopening of the Strait of Hormuz, and energy market impacts. In high-priority updates, U.S. President Donald Trump expressed optimism about reaching a deal to end the Iran war, indicating that a conclusive agreement could materialize soon, albeit without specifying an exact timeline. His comments come as U.S. allies convene to discuss the reopening of the vital shipping route at the Strait of Hormuz, pivotal for global oil and liquefied natural gas transit. While the Iranian government acknowledged a ceasefire and declared the strait open for commercial vessels during this period, challenges remain, as some gaps in negotiations are still to be resolved according to sources close to the discussions. The ongoing conflict has exacerbated instability in the region and significantly impacted global energy markets, with the International Monetary Fund warning of recession risks if hostilities persist. Turning to energy market insights, the International Energy Agency (IEA) has projected a recovery of lost energy output in the Middle East to take about two years, varying by country, with Iraq expected to face a longer recovery than Saudi Arabia. The IEA expressed concern that the market might be underestimating the consequences of prolonged closure of the Strait of Hormuz, warning of potentially soaring energy prices if shipping is not restored. Amidst these developments, China has reached a record 125 gigawatts of installed nuclear power capacity, as reported by state media. This continues China's push toward expanding its nuclear energy footprint, with plans for further installations expected to support its greater energy needs. In corporate news, Budapest-listed Premier Energy has agreed to acquire the Evryo Group's Romanian power distribution network from Macquarie for approximately 700 million euros. This strategic acquisition aims to improve electricity distribution in Romania, addressing current market gaps, and is expected to close financially in the latter half of 2026. From the international front, the announcement of the reopening of the Strait of Hormuz has led to a decline in aluminium prices, responding positively to the potential enhancements in shipping capacity from the Gulf region. Benchmark European gas prices also fell following the Iranian government's comments, highlighting market sensitivities to geopolitical developments. Meanwhile, political events continue to unfold in the UK, where Prime Minister Keir Starmer faces mounting pressure to resign amidst controversy surrounding an ambassador's security vetting. These internal dynamics come just weeks ahead of local elections, where forecasts suggest significant challenges for Starmer's Labour Party.