Oil prices drop 9% and Wall Street rallies to a record after Iran reopens the Strait of Hormuz
Oil prices dropped back to where they were in the early days of the Iran war, and U.S. stocks raced to another record Friday after Iran said the Strait of Hormuz is open again for commercial tankers carrying crude from the Persian Gulf to customers worldwide.
TL;DR
- Oil prices dropped to early Iran war levels.
- U.S. stocks reached a new record on Friday.
- Iran stated the Strait of Hormuz is open for commercial crude oil tankers.
- The Strait of Hormuz is a key route for crude oil from the Persian Gulf.