North American stocks rally and oil tumbles 10% after Iran says Strait of Hormuz is open

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A man stares at a screen with a blank expression.https://i.cbc.ca/ais/05fc2481-759c-4846-952e-c84823a34432,1776435406632/full/max/0/default.jpg?im=Crop%2Crect%3D%280%2C197%2C6800%2C3825%29%3BResize%3D%28620%29" title="People work on the floor at the New York Stock Exchange in New York, Monday, April 13, 2026." width="620" />

S&P 500, Dow Jones and Nasdaq all climbed shortly after open, as stocks run toward the finish of a third straight week of big gains.

Brent crude oil, the international standard, dropped to $89.13 US a barrel — still higher than the $70 before the Iran war, but lower than it has been in recent weeks.

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Iran reopens Strait of Hormuz