diff --git a/NEWS b/NEWS
index 46510db971e..d639cd27f0c 100644
--- a/NEWS
+++ b/NEWS
@@ -34,6 +34,9 @@ PHP                                                                        NEWS
   . Fixed bug GH-17989 (mb_output_handler crash with unset
     http_output_conv_mimetypes). (nielsdos)
 
+- Opcache:
+  . Fixed bug GH-18112 (NULL access with preloading and INI option). (nielsdos)
+
 - SPL:
   . Fixed bug GH-18018 (RC1 data returned from offsetGet causes UAF in
     ArrayObject). (nielsdos)
diff --git a/ext/opcache/ZendAccelerator.c b/ext/opcache/ZendAccelerator.c
index eac5cbbc41f..e3f7ca18151 100644
--- a/ext/opcache/ZendAccelerator.c
+++ b/ext/opcache/ZendAccelerator.c
@@ -4662,6 +4662,11 @@ static zend_result accel_finish_startup_preload(bool in_child)
 		EG(class_table) = NULL;
 		EG(function_table) = NULL;
 		PG(report_memleaks) = orig_report_memleaks;
+#ifdef ZTS
+		/* Reset the virtual CWD state back to the original state created by virtual_cwd_startup().
+		 * This is necessary because the normal startup code assumes the CWD state is active. */
+		virtual_cwd_activate();
+#endif
 	} else {
 		zend_shared_alloc_unlock();
 		ret = FAILURE;