Ryan Kirkley: From Oil To Bitcoin, Markets Shifting With Strait Of Hormuz Announcement
WASHINGTON -- Cryptocurrency markets surged and oil traders recalibrated after signals that the Strait of Hormuz is reopening, even as military tensions and policy contradictions persist.
While equities have been slower to react, analysts say the divergence reflects how different parts of the global financial system process risk and liquidity.
In an interview with RFE/RL on April 17, Ryan Kirkley, CEO of blockchain payments company Global Settlement Network, explains the worldwide economic importance of the Strait of Hormuz, why markets are moving at varying paces, and why oil prices may already be turning.
To read the full interview, click here.
Iranian Media Close To IRGC Criticize Hormuz Announcement
Media outlets close to Iran's hard-line Islamic Revolutionary Guards Corps (IRGC) have criticized what they say has been the "silence" of Iranian officials regarding an agreement with the United States about the reopening of the Strait of Hormuz.
An hour after Iranian Foreign Minister Abbas Araqchi announced the opening of the strait, through which one-fifth of the world's oil and liquefied natural gas supplies transited before the US-Israeli war with Iran began on February 28, the Fars and Tasnim news agencies both published several articles that implicitly criticized the move.
In an article titled "Dear Officials! At Least Explain Your Failure To Explain," Fars demanded that Iranian officials justify their "silence" regarding recent developments, writing: "Iranian society is plunged into a state of confusion."
"If it is in the country's interest not to disclose the details of recent negotiations or developments, why is this interest itself and the reason for avoiding transparency not explained to the people?" another article published by Fars asked.
Tasnim also criticized Araqchi, calling his post on X -- where the announcement about the strait was made -- "bad and incomplete and a complete bad taste in information dissemination."
The message "was published without necessary and sufficient explanations and created various ambiguities about the conditions of passage and the details and mechanisms of passage, and caused much criticism," it said.
Tasmin called on the Foreign Ministry to "reconsider" its decision, writing: "Any creation of concern or despair in this envoy nation is an example of political sin and a disruption in national cohesion."
In another reaction, Nizam Mousavi, a media figure close to the IRGC and former editor in chief of the IRGC-owned Javan newspaper, posted a message on X saying: "The meaning of people's trust in negotiating officials does not mean that we disregard public opinion."
Addressing Iranian officials, he wrote: "Gentlemen! Say something!"
Iran Says Strait Of Hormuz 'Completely Open' During Israel-Lebanon Cease-Fire; Trump Says US Blockade Of Iranian Ports Remains In Place
Iranian Foreign Minister Abbas Araqchi says the Strait of Hormuz, a key waterway for global trade, will be "completely open" for the duration of the cease-fire signed between Lebanon and Israel.
US President Donald Trump posted a thank-you message shortly after the Iranian announcement but said the US blockade of Iranian ports would remain in place until Washington and Tehran reach a deal to end the war.
"In line with the ceasefire in Lebanon, the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire, on the coordinated route as already announced by Ports and Maritime Organization of the Islamic Rep. of Iran," he wrote in a social media post on April 17.
Trump then posted on his Truth Social platform: "IRAN HAS JUST ANNOUNCED THAT THE STRAIT OF IRAN IS FULLY OPEN AND READY FOR FULL PASSAGE. THANK YOU!"
In a subsequent post, he said the US blockade would "remain in full force and effect as it pertains to Iran, only, until such time as our transaction with Iran is 100% complete." He said he expects a resolution will come "very quickly," asserting that "most of the points are already negotiated."
The Strait of Hormuz, through which a fifth of the world's oil and liquefied natural gas transits, has been effectively closed amid US-Israeli air attacks on Iran that started on February 28 and Tehran's retaliatory strikes at targets around the Middle East, including ships in the Persian Gulf.
The United States imposed the blockade, aimed at preventing ships from entering or leaving Iranian ports, on April 13.
To read the full report, click here.
Iran's Internet Blackout Shows No Signs Of Ending
Nearly 50 days after Iran imposed a near-total nationwide Internet shutdown, two members of Iran's parliament have offered a glimpse of the authorities’ thinking on the restrictions.
Fazlollah Ranjbar, a member of the parliament's Social Affairs Commission, said on April 17 in an interview with the semiofficial ILNA news agency that "it may not be advisable for the Internet to be available under such circumstances."
Deputies in parliament still have unfiltered access to the Internet.
The Internet is one of the "bridges through which the enemy can gain entry and create cohesion between hostile forces," Ranjbar said. "The enemy was able to create problems for the country at times with the tools and weapons of the Internet."
The deputy also alluded to compensation worth billions of dollars for businesses damaged by the Internet outage, saying: "This is a decision that must be made after the war...[although] it is not possible to announce right now that compensation will be paid immediately."
Ahmad Bakhshish Ardestani, a deputy and member of parliament's National Security Commission, was also skeptical about lifting the restrictions, saying that the West was working hard to bring the Internet back to Iran.
Ardestani said that the restrictions would be lifted "quickly after the agreement," an apparent reference to a possible future peace deal stemming from current negotiations.
Following the start of the US-Israeli war with Iran on February 28, the Iranian authorities cut off ordinary people's access to the Internet. In January, there was another near-total shutdown as the country was engulfed by nationwide protests. That cut-off lasted around 20 days.
In April, Iran set a world record with 36 days for the longest time that a previously connected society had been cut off from the Internet. According to web access monitor Netblocks on April 17, ordinary Iranians have not had access to the web for 49 days or 1,152 hours.
Iran Cancels Army Day Parade
The spokesman for Iran's army, Brigadier General Mohammad Akraminia, has announced that it is not possible to hold the Army Day parade this year, saying that "the current cease-fire is no different to war conditions."
The first Army Day, marked annually on April 18, was held in 1979 shortly after the Islamic Revolution. It was established by Ayatollah Ruhollah Khomeini to demonstrate the Iranian army’s loyalty to the new Islamic republic. It was first held in Tehran and later expanded to other cities during the 1980–88 Iran-Iraq war.
The parade was cancelled in 2020 due to the coronavirus pandemic and the following year it was held in a closed format because of continued restrictions.
Instead of a parade, Akraminia said, cultural programs will be held in the barracks and officers and soldiers will also attend Friday Prayers.
France Says European Countries Could Ensure Safe Passage Through Strait Of Hormuz
French Defense Minister Catherine Vautrin said on April 17 that European countries such as Belgium, the Netherlands, and France possess mine-clearance capabilities that could help secure safe passage through the Strait of Hormuz.
In an interview with TF1 television, Vautrin said there are "possibilities to provide fully supported escorts for ships -- escorts that are in no way aggressive and are aimed at ensuring safe passage through the strait. This will be discussed today in Paris."
France and the United Kingdom are cohosting a meeting on April 17 in Paris involving around 40 countries. The meeting is focusing on planning a multilateral, defensive mission to restore freedom of navigation in the Strait of Hormuz.
Iran has effectively blocked or severely restricted shipping through the strait since the war began on February 28, causing a major disruption to global energy markets.
Since April 13, the United States has blockaded Iranian ports and coastal areas, targeting all maritime traffic entering or exiting Iran, while allowing transit through the strait to non-Iranian destinations.
Two Iranian Women Soccer Players Thank Australia For 'Safe Haven'
Two Iranian women's soccer players thanked the Australian government on April 17 for offering a "safe haven" and said they wanted to resume their sporting careers
Fatemeh Pasandideh and Atefeh Ramezanisadeh, in their first public comments since being granted humanitarian visas, said in a statement that the support shown to them had given them hope for a future in which they could live and compete in safety.
"We wish to express our deepest gratitude to the Australian government, and particularly Home Affairs Minister Tony Burke, for granting us humanitarian protection and a safe haven in this beautiful country," they said.
Seven members of the Iranian women's soccer team sought asylum in Australia in March after they declined to sing Iran's national anthem ahead of an Asian Cup game, sparking a backlash on Iranian state media.
But five of them later withdrew their asylum claims and joined the rest of the team as they traveled through Malaysia en route to Iran.
Pasandideh and Ramezanisadeh remained behind in Australia as rights advocates raised fresh concerns that some team members were returning home under intense government pressure.
Pasandideh and Ramezanisadeh have been pictured training with A-League Women's team Brisbane Roar.
The women's action came against the background of the war in their home country that broke out when US and Israeli air strikes hit Iran on 28 February.
Israel-Lebanon Cease-Fire Officially Takes Effect, Trump Urges Hezbollah To Act 'Nicely'
A 10-day cease-fire agreed by Lebanon and Israel went into effect at midnight local time, with journalists reporting "heavy gunfire" and rocket launches that may have been celebratory firings as the truce began.
Lebanese state media reported continued Israeli artillery fire in southern Lebanon, but the reports could not immediately be verified. The Lebanese Army early on April 17 claimed several Israeli "cease-fire violations" and advised citizens to delay returning to southern villages.
The cease-fire was announced on April 16 by US President Donald Trump and confirmed by Israeli and Lebanese leaders.
Trump made the announcement of the cease-fire after speaking to Israeli Prime Minister Benjamin Netanyahu and Lebanese President Joseph Aoun. The US president said he expects to host the two leaders within a week or two.
In a video statement, Netanyahu said he agreed to the 10-day cease-fire and that there was a chance to make a historic deal with Lebanon after decades of conflict.
Trump said the cease-fire incudes Hezbollah, a militant group and political party that controls much of southern Lebanon. Hezbollah is considered a terrorist organization by the United States, while the European Union has blacklisted its only armed wing.
In a social media post after the cease-fire took effect, Trump wrote: "I hope Hezbollah acts nicely and well during this important period of time. It will be an GREAT moment for them if they do. No more killing. Must finally have PEACE!"
Lebanon has insisted on a cease-fire before it would enter into further talks, but it has vowed to disarm Hezbollah militants.
AFPTV video showed people returning to Hezbollah's stronghold in the city's southern suburbs, some waving the Iran-backed movement's yellow flag or carrying portraits of its slain leader, Hassan Nasrallah, who was killed by Israel in 2024.
Hezbollah had earlier warned residents to refrain from returning to the area until it was clear that the cease-fire would hold.
Hezbollah urged people to refrain from firing weapons in celebration.
"These bullets should be directed at the enemy, not fired into the air in celebration," it said in a statement.
Israel has been launching strikes targeting Iran-backed Hezbollah militants in neighboring Lebanon since March 2, two days after the start of the US-Israeli war with Iran, when Hezbollah forces opened fire in support of Tehran. An ongoing two-week cease-fire in the Iran war has not applied to Lebanon.
The Israeli military said its forces would remain deployed in southern Lebanon after the cease-fire and it urged Lebanese residents not to move south of the Litani River, about 20-30 kilometers north of the Israeli border.
UN chief Antonio Guterres hailed the cease-fire announcement and urged "all actors" to fully respect the truce, his spokesman said.
"The secretary-general welcomes the announcement of a 10-day cease-fire between Israel and Lebanon and commends the role of the United States in facilitating" it, Guterres spokesman Stephane Dujarric said in a statement.
With reporting by AFP
Trump Says US-Iran Deal ‘Very Close,’ Next Meeting Could Come This Weekend
US President Donald Trump said it’s “looking very good” that the United States and Iran will reach a deal to end the war, and that US and Iranian negotiators could meet this coming weekend.
“I think we’re very close to making a deal with Iran,” Trump told reporters outside the White House on April 16.
He said that he wasn’t sure a two-week cease-fire that expires April 22 will need to be extended, and that “if there’s no deal…fighting resumes,” though he didn’t specify a timeline.
Trump also reiterated his announcement of an Israel-Lebanon cease-fire, starting on April 16, and said it includes Hezbollah.
Hezbollah is both a militant group and political party that controls much of southern Lebanon. It is considered a terrorist organization by the United States, while the European Union has only blacklisted its armed wing.
Trump said he hopes to soon host Israeli Prime Minister Benjamin Netanyahu and Lebanese President Jospeh Aoun at the White House.
UPDATE: Netanyahu confirmed that the 10-day cease-fire has been agreed, but he said Israeli troops will remain in southern Lebanon.
"I agreed to a timeout, or more accurately, a temporary 10-day cease-fire," Netanyahu said in a video message, adding that troops would remain in a "reinforced security buffer zone" to protect Israeli towns from attack.
Netanyahu stressed that Israel has two central demands -- the disarming of Hezbollah and an accord of lasting peace between the Israel and Lebanon.
Israel, Lebanon Agree To 10-Day Cease-Fire, Says Trump
US President Donald Trump announced that Israel and Lebanon have agreed to a 10-day cease-fire starting on April 16. He made the statement after speaking to Israeli Prime Minister Benjamin Netanyahu and Lebanese President Joseph Aoun.
Writing on his social media platform, Truth Social, Trump said: "These two Leaders have agreed that in order to achieve PEACE between their Countries, they will formally begin a 10 Day CEASEFIRE at 5 P.M. EST."
He made no mention of Lebanon's Hezbollah movement, which is both a militant group and political party that controls much of southern Lebanon. It is considered a terrorist organization by the United States, although the European Union has only blacklisted its armed wing.
A regional proxy group for Iran, Tehran has repeatedly said that a cease-fire between Hezbollah and Israel was a requirement for its own peace negotiations with the United States, which are ongoing.