By Mackenzie Tatananni
The Strait of Hormuz, a critical maritime chokepoint, has reopened as part of a temporary truce between Israel and Lebanon. These stocks were tumbling on the news.
Oil and gas exploration companies APA Corp. and Occidental Petroleum fell 9.7% and 6%, respectively. Shares have gotten a boost on the back of rising crude prices as the war in Iran dragged on. But Brent crude futures, the international benchmark, tumbled nearly 11% on Friday. West Texas Intermediate futures declined 10% and were on pace to settle below $90 for the first time since March 23.
Fertilizer manufacturer CF Industries fell 9.2% while chemical giant Dow Inc. posted the steepest losses, plunging 12%. Both stocks have benefited from shipping disruptions through the Strait of Hormuz. Roughly one-third of global fertilizer supply, including chemicals like nitrogen and phosphate, pass through the trade route, and recent delays have nudged prices higher without significantly hurting demand.
Iran's foreign minister, Abbas Araghchi, declared the strait "completely open" for commercial vessels in a social media post. The development came "in line with the cease-fire in Lebanon" and will be in effect for the remainder of the truce, Araghchi said, adding that ships will follow a "coordinated route as already announced by Ports and Maritime Organisation of the Islamic Rep. of Iran."
Write to Mackenzie Tatananni at mackenzie.tatananni@barrons.com
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(END) Dow Jones Newswires
April 17, 2026 10:10 ET (14:10 GMT)
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