NPR News: 04-17-2026 10AM EDT

Iran's Foreign Minister Abbas Araghchi announced that Tehran will allow safe passage for commercial ships through the Strait of Hormuz during a 10-day ceasefire between Israel and Lebanon. In a post on X, Araghchi stated the strait is "completely open" for commercial vessels via a coordinated route set by Iran, possibly referencing prior allowances through its coastal waters before the U.S. naval blockade. He made no mention of mine clearance. President Trump responded on social media that the U.S. blockade of Iranian ports would persist until negotiations conclude. This follows over six weeks of disruptions that halted energy and product deliveries.

France and Britain are hosting a meeting with dozens of world leaders to plan safe shipping through the strait post-fighting. The developments signal potential de-escalation, with traders hopeful for a lasting truce.

Markets Rally on Strait News

U.S. stocks surged on the announcement, with the Dow Jones Industrial Average gaining 750 points in early trading as the logjam appeared to ease. Regular gas prices stand at about $4.70 a gallon. Asian markets were mostly lower overnight, following Japan's Nikkei hitting an all-time high the prior day.

Netflix shares fell despite strong quarterly profits, due to a cautious outlook and the announcement that co-founder Reed Hastings will step down as chairman this summer.