James Gruber

Good morning, I'm James Gruber.

And I'm Gillian Bowen.

It's Friday the 17th of April, and this is the morning edition of the CommSec Market Update.

And just on the movement of global oil supplies, Reuters is quoting a source that says Iran could consider allowing ships to sail freely through the Omani side of the Strait of Hormuz.

as part of a deal to prevent renewed conflict after the two-week ceasefire comes to an end.

Another development that investors have been watching overnight, the announcement of a 10-day ceasefire between Israel and Lebanon.

Donald Trump, also the source of that piece of news, he's posted on social media that the U.S.

will also host a meeting between Israel and Lebanon.

It's expected to take place in Washington in the next week or two.

and also playing out across the trading session in the US, which I'll get to shortly, earnings season.

There are lots of companies releasing results that investors are reacting to.

Gil, let's take a look at commodities because global oil prices have also played a role in what's happened on Wall Street during the trading session on Thursday.

Oil prices rose on doubts that the US-Iran talks that we've just been talking about will actually ease the Hormuz disruption.

Data also showed US crude oil inventories fell by 913,000 barrels last week, compared with analyst expectations for an increase of 154,000 barrels.

U.S.

gasoline and distillate fuel inventories also fell last week as countries seeking barrels to replace the disruptive flows drove U.S.

exports higher.

Brent crude futures settled 4.7% higher to $99.39 a barrel.

Base metal prices were mixed on Thursday.

Copper futures were little changed, up 0.1%.