The Tel
Aviv Stock Exchange fell sharply in early trading on April 13
following the collapse of US-Iran negotiations in Islamabad, with
the Tel Aviv 35 index down 1.5% and the Tel Aviv 90 index declining
1.8%. The insurance index underperformed the broader market,
falling 2.5%.
The first
direct high-level talks between Washington and Tehran since
1979 ended without agreement on April 12 after more than 21 hours of
negotiations, with the status of the Strait of Hormuz emerging as
the central obstacle. US President Donald Trump has since announced
a maritime blockade on Iran aimed at halting its oil exports for
as long as it restricts passage through the strait, effective 5:00
PM Israeli time.
Oil
prices have crossed $100 per barrel following the announcement,
lifting energy stocks against the broader market trend. The Tel
Aviv Oil & Gas index rose approximately 0.7%, with Navitas,
which holds assets including the Shenandoah well in the Gulf of
Mexico, up 2.46%. Delek, Modi'in, Isramco, New Med, Tamar and Ratio
were also trading higher.
The
breakdown in Islamabad has renewed concerns that a prolonged
US-Iran confrontation is increasingly likely, with Trump reportedly
weighing a resumption of airstrikes alongside the blockade
measures.
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