Oil prices drop 9% and Wall Street rallies to a record after Iran reopens the Strait of Hormuz
US stocks hit a record high and oil prices dropped 9% after Iran announced the reopening of the Strait of Hormuz. The S&P 500 rose 1.2% and the Dow Jones surged 868 points.
US stocks reached a record high after Iran announced the reopening of the Strait of Hormuz, a vital waterway for global oil shipments. The S&P 500 rose 1.2% and the Dow Jones surged 868 points, or 1.8%. Oil prices plummeted 9% following the announcement. The price for US crude dropped to $82.59 per barrel, and Brent crude fell to $90.38 per barrel. Airlines and cruise ship operators saw significant gains due to the expected decrease in fuel costs. The news comes as the US and Iran appear to be moving towards a ceasefire, with President Donald Trump stating that the war 'should be ending pretty soon'.
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