Iran War: Tehran Threatens Gulf Ports and Calls US Blockade Illegal | The Opening Trade 4/13/2026

Oil surged back above $100 a barrel while stocks and bonds fell after President Donald Trump ordered a blockade of the Strait of Hormuz following the weekend’s deadlock in US-Iran peace talks.

Traders are bracing for another week of headline-driven volatility, with the flow of oil and gas through the Hormuz strait in focus as Trump’s restrictions on vessels calling at Iranian ports threaten to deepen a global energy shock. Even so, the relatively limited pullback in riskier assets suggested investors remain cautiously optimistic that a resolution could still be reached to end the conflict.

The Opening Trade has everything you need to know as markets open across Europe. With analysis you won't find anywhere else, we break down the biggest stories of the day and speak to top guests who have skin in the game. Hosted by Anna Edwards, Guy Johnson and Tom Mackenzie.

Chapters:
00:00:00 - The Opening Trade
00:00:33 - Market Check
00:01:48 - Oil, Gas Prices Surge
00:05:50 - Hungary's Orbán Concedes Election Defeat
00:07:49 - Bank Earnings
00:08:48 - Ireland Fuel Price Protests
00:09:08 - Lufthansa Strikes
00:09:27 - Rory McIlroy Wins Masters Again
00:11:37 - Trump Vows Strait of Hormuz Blockade
00:19:10 - Stocks, Bonds Fall
00:29:21 - US Military Blockade to Begin 3PM UK
00:33:31 - Hungary Elections: Magyar Wins
00:39:53 - Shallow Losses for Stocks: MLIV
00:47:41 - Stocks to Watch: Hungarian Stocks, Oil Stocks, Airlines
01:04:55 - Airlines Fall After Iran Peace Talks, Lufthansa Stock
01:15:25 - Hungary's Magyar Will Inherit Depleted Budget: German Marshall Fund
01:27:44 - Iran: Won't Allow US Blockade of Hormuz
01:33:14 - S&P Futures
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