Insights

Weekly Market Commentary – 17th April 2026

17 April 2026

This week two forces drove markets: the US-Iran war and stronger-than-expected corporate earnings. The S&P 500 climbed above 7,000 for the first time, its biggest 10-day gain since the Covid-19 rebound, after President Trump suggested the war was ‘very close to over.’ But the oil market tells a harsher story. The US blockade of Iranian ports, which began on Monday, added to weeks of disruption in the Strait of Hormuz, pushing supply losses to roughly 13 million barrels per day, the largest in history. Brent crude hovers near $95 a barrel, but physical cargoes are changing hands at $150–170 with shipping included. Global oil demand fell 3.4% in March, the sharpest drop outside the pandemic.