Markets Jubilant, Oil Plummets: The Economic Fallout from the Ceasefire

Argentina

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Euphoric markets · 3 of 12 countries

Buenos Aires celebrates falling country risk as a miracle while overlooking that its fundamentals haven't budged

South Korea

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Energy-anxious importers · 3 of 12 countries

Seoul centers coverage on rejecting Hormuz tolls—an existential concern for its oil supplies

United States

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Euphoric markets · 3 of 12 countries

Washington sees the ceasefire as a trading signal, not a peace event

India

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Energy-anxious importers · 3 of 12 countries

New Delhi verifies Hormuz reopening ship by ship, with the pragmatism of a nation where 85% of oil transits the strait

Netherlands

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Defenders of freedom of navigation · 3 of 12 countries

Amsterdam tempers euphoria by noting Hormuz reopening won't immediately lower energy prices

Philippines

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Energy-anxious importers · 3 of 12 countries

Manila measures Middle East war fallout in absent tourists and expensive fuel, not stock charts

Qatar

STATE MEDIA

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Viewed through domestic conflict lenses · 2 of 12 countries

Doha frames Trump's 50% tariffs as unilateral punishment redrawing global economic lines

United Kingdom

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Defenders of freedom of navigation · 3 of 12 countries

London attacks Iran's Hormuz tolls through international maritime law and freedom of navigation

Russia

STATE MEDIA

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Moscow presents Hormuz reopening factually while masking the threat falling oil prices pose to its war finances

Singapore

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Defenders of freedom of navigation · 3 of 12 countries

Singapore relays Greek denunciation of Hormuz tolls because any precedent threatens the Strait of Malacca and its economic model

Taiwan

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Euphoric markets · 3 of 12 countries

Taipei celebrates the stock surge as a reprieve for its semiconductor industry's energy needs

Ukraine

STATE MEDIA

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Viewed through domestic conflict lenses · 2 of 12 countries

Kyiv views falling oil prices as indirect leverage against Russia's war chest