Macro Pilgrim's Ledger | April, 19 2026

Global markets hit record highs as Strait of Hormuz shipping deal triggers massive asset repricing and oil's worst week since 2020

“Walking the path of global markets, one step at a time.”

Global equities surged to record highs this week as an announcement that the Strait of Hormuz would remain open to commercial shipping for the duration of the ceasefire triggered a dramatic repricing across asset classes, delivering the best week for U.S. equities since November.

The S&P 500 gained 4.5% on the week, closing Friday at a new all-time high of 7,126.06, surpassing the prior January record for the first time. The Nasdaq Composite extended its winning streak to 13 consecutive sessions, its longest since 1992, finishing the week at 24,468.48, up approximately 5.8% on the week. The Dow Jones Industrial Average closed at 49,447.43, gaining roughly 2% on the week and pressing back toward the 50,000 level for the first time in months.

WTI crude plunged more than 16% on the week, the worst weekly decline since April 2020, settling near $84 per barrel on Friday after Iran’s Foreign Minister confirmed the Strait would be open to commercial traffic during the ceasefire period.

The 10-year Treasury yield closed the week at 4.26%, easing from the prior week’s close. The VIX closed at 17.48, and Gold closed near $4,879 per ounce, posting a fourth consecutive weekly gain, supported by expectations that a durable U.S.-Iran agreement could limit the need for central bank tightening while the dollar softened.

“To jaw-jaw is always better than to war-war.”...Winston Churchill