The reopening of the Hormuz has caused oil prices to reverse course.

The global commodities market saw a notable turning point last week as geopolitical risks in the Middle East unexpectedly eased towards the end of the week.

The MXV-Index continues to remain below the 2,800 point mark. Source: MXV

This led to a sharp reversal in oil prices and increased divergence among commodity groups. At the close of the week, the MXV-Index stood at 2,773 points, remaining below the 2,800-point mark.

According to the Vietnam Commodity Exchange (MXV), the energy sector was the focal point of volatility as oil prices shifted sharply in response to geopolitical developments. For most of the week, oil prices maintained an upward trend due to concerns about supply disruptions, particularly related to the possibility of a blockade of the Strait of Hormuz.

However, the market reversed quickly in the final trading session of the week (April 17) following the announcement of the full restoration of shipping activity through the Strait of Hormuz for the remainder of the ceasefire agreement. This information immediately eased concerns about supply, as the vital shipping route, accounting for approximately 20% of global oil and gas traffic, was reopened.

Trends in world crude oil prices over the past period. Source: MXV

At the close of trading on April 17, WTI crude oil prices fell by as much as 11.45%, while Brent crude lost more than 9%. For the week, Brent crude retreated to $90.4 per barrel and WTI to $83.85 per barrel – their lowest levels in over a month.

Compared to last week, Brent fell by more than 5%, while WTI plummeted by nearly 13.2%, indicating that selling pressure prevailed as supply risks eased.

Domestically, the authorities have proactively implemented stabilization measures. On April 16th, the Tax Department issued a directive implementing Resolution 19/2026/QH16, adjusting and reducing several taxes on gasoline and diesel fuel.

Capital flows shift, silver prices rebound strongly. Source: MXV

In contrast to energy, money flows tended to shift towards metals, notably silver. At the end of the week, COMEX silver prices rose approximately 7% to $81.8 per ounce, marking its fourth consecutive week of gains and reaching its highest level in over a month.

According to MXV, the recovery in silver was driven by improved market sentiment as geopolitical tensions eased. Notably, in the final trading session of the week alone, silver prices surged nearly 4% following news of the reopening of the Hormuz Strait, fueled by expectations of more stable energy costs, thereby reducing inflationary pressure.

Meanwhile, the Dollar Index fell 0.6% to 98.1 points, and the yield on 10-year US Treasury bonds retreated to 4.24%, increasing the attractiveness of precious metals. In addition, the prospect of a prolonged deficit continues to bolster silver prices, with forecasts predicting a sixth consecutive year of market deficit in 2026.

Supply and demand in the global silver market. Source: MXV

Domestically, silver prices are moving in line with global trends. As of April 19th, the price of 999 silver bars was listed at around 3.012 - 3.148 million VND/ounce, an increase of over 6% compared to the previous week. The price of 999 raw silver also increased to 2.606 - 2.642 million VND/ounce.

Source: https://hanoimoi.vn/hormuz-mo-lai-keo-gia-dau-dao-chieu-745944.html