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How the Strait of Hormuz Stifled a Market Rally

Questions about how freely ships can pass through the waterway have pushed up oil prices and weighed on stocks. Andrew here. Markets are turning negative as investors absorb just how tenuous the...

NYTIMES 입력 2026.04.09 21:08 0

How the Strait of Hormuz Stifled a Market Rally

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How the Strait of Hormuz Stifled a Market Rally

Questions about how freely ships can pass through the waterway have pushed up oil prices and weighed on stocks.

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Andrew Ross Sorkin

Bernhard Warner

Sarah Kessler

Michael J. de la Merced

Niko Gallogly

Brian O’Keefe

and

Ian Mount

April 9, 2026

Updated

8:26 a.m. ET

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Transit through the Strait of Hormuz remains perhaps the defining question of the tenuous U.S.-Iran cease-fire.

Credit...

Associated Press

In today's newsletter:

The costs of cease-fire uncertainty

Who’s made money on Iran?

High stakes for Meta’s new A.I. model

Andrew here.

Markets are turning negative as investors absorb just how tenuous the cease-fire in Iran really is. (Sorry to say it, but

we told you so

yesterday.)

Another big story we’re watching is the setback Anthropic experienced on Wednesday in federal court, when a panel of three federal appellate judges declined to stay the government’s designation of the company as a supply chain risk while their legal battle played out. Katie Haun, the venture capitalist and a former federal prosecutor, wrote on X that the judge panel had been

stacked against Anthropic

. More below.

And Andy Jassy, the C.E.O. of Amazon, just published his annual shareholder letter — and

threw down the gauntlet

at Nvidia (a business partner). “Our chips business is on fire, changes the economics for AWS, and will be much larger than most think,” Jassy wrote. “Virtually all A.I. thus far has been done on Nvidia chips, but a new shift has started.”

Image

The costs of cease-fire uncertainty

The cease-fire between the U.S. and Iran is

holding on

into a second day, if barely. More worrisome for the global economy is that little has changed when it comes to the Strait of Hormuz.

Stalled shipping traffic through the waterway, once a conduit for roughly a quarter of the world’s oil and natural gas exports, is dampening the exuberance that bolstered markets on Wednesday. And questions about whether the strait will fully reopen or remain under Iran’s control — among many other issues — will hang over talks that could begin soon in Pakistan.

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