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Oil prices fall, Wall Street hits record as Iran reopens Hormuz
Oil prices fell sharply and Wall Street rallied to a record after Iran said the Strait of Hormuz is open again for commercial tankers carrying crude, Associated Press reported.
The S&P 500 jumped 1.2% Friday, while the Dow Jones Industrial Average rose by as many as 1,100 points before closing up about 870 points, or 1.8%.
Oil prices dropped about 9%, returning to levels seen in the early days of the Iran war.
A freer flow of oil could take pressure off gasoline prices as well as groceries and other goods, easing costs tied to energy and transport, the report said.