Oil tumbles 10% as Wall Street rallies to another record after Iran reopens the Strait of Hormuz
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Oil prices plummeted 10% after Iran announced the reopening of the Strait of Hormuz, while US stocks surged to another record high. The S&P 500 climbed 1% as investors reacted to the news, with companies like United Airlines and cruise operators seeing significant gains.
US stocks reached another record high as oil prices dropped sharply after Iran's foreign minister announced the reopening of the Strait of Hormuz. The S&P 500 rose 1%, with the Dow Jones Industrial Average up 722 points and the Nasdaq composite 1.1% higher. US crude fell 10.2% to $81.88, and Brent crude dropped 10.3% to $89.09. Companies with high fuel costs, such as United Airlines, Norwegian Cruise Line, and Royal Caribbean Group, saw significant gains. A strong earnings reporting season also supported the US stock market, with State Street and Fifth Third Bancorp reporting better-than-expected results. The news comes as President Donald Trump stated that the US Navy's blockade of Iran remains in place until a deal is reached.
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