Stocks surged as oil prices plunged sharply on Friday, with US crude for May delivery falling 9.8% to $85.37 a barrel after Iran declared the Strait of Hormuz “completely open.”
The oil selloff came as a ceasefire between Israel and Lebanon raised hopes that disrupted supply could return to market, though analysts cautioned that as much as 13 million barrels per day remains impacted, keeping underlying conditions tight.
Stocks surged, with the Dow Jones Industrial Average jumping nearly 600 points, or 1.23%, to 49,176.61 as investors cheered signs that shipping could resume through the Strait of Hormuz.
Brent crude for June delivery dropped 9.1% to $90.38.
The S&P 500 rose 0.76% to 7,094.78 and the Nasdaq gained 1.03% to 24,351.09, while the VIX slipped 1.56% — signaling easing market anxiety as traders bet tensions in the Middle East may cool.
[Notigroup Newsroom in collaboration with other media outlets, with information from the following sources]
