Oil prices plummet as Wall Street rallies to new record following Strait of Hormuz reopening
Oil prices plummeted over 10% as Iran announced the Strait of Hormuz is fully open, allowing oil tankers to exit the Persian Gulf. Wall Street rallied to a new record, with the S&P 500 climbing 0.8% and the Dow Jones Industrial Average up 1.4%.
Oil prices fell sharply after Iran announced the Strait of Hormuz is fully open. The S&P 500 climbed 0.8% as US stocks continued a third straight week of gains. The Dow Jones Industrial Average rose 678 points, or 1.4%. US crude dropped 10.8% to $81.28, and Brent crude fell 10.3% to $89.13. A strong earnings reporting season also supported the US stock market. State Street and Fifth Third Bancorp saw gains after reporting better-than-expected results.
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