Oil prices sink and stocks rally worldwide on hopes for a reopening of the Strait of Hormuz
Oil prices sank 7.3% to $101.90 as hopes rose for a reopening of the Strait of Hormuz, and global stock markets rallied with the S&P 500 climbing 1.1%. The Dow Jones Industrial Average was up 520 points, or 1.1%, as of 12:36 p.m. Eastern time.
Oil prices dropped 7.3% to $101.90 on hopes the US and Iran are nearing a deal to reopen the Strait of Hormuz. The strait's closure has blocked oil tankers from exiting the Persian Gulf, driving up global inflation. Global stock markets rallied, with the S&P 500 up 1.1% and the Dow Jones Industrial Average rising 520 points. AMD surged 16.3% after reporting stronger-than-expected profits, citing growth from artificial-intelligence technology. Other companies, including Super Micro Computer and Nvidia, also saw gains. The yield on the 10-year Treasury dropped to 4.35% from 4.43% late Tuesday as falling oil prices eased inflation pressure.
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