"The price for a barrel of benchmark U.S. crude plunged immediately after Iran's foreign minister, Abbas Araghchi, posted on X that passage for all commercial vessels through the strait 'is declared completely open' as a ceasefire appears to be holding in Lebanon."
"The U.S. stock market has jumped more than 12% since hitting a bottom in late March on hopes the United States and Iran can avoid a worst-case scenario for the global economy despite their war."
"Brent crude, the international standard, fell 9.1% to settle at $90.38 per barrel. To be sure, it remains above its $70 price from before the war, indicating some caution is still embedded in financial markets."
Oil prices dropped significantly after Iran announced the reopening of the Strait of Hormuz for commercial tankers. The S&P 500 reached an all-time high, gaining 1.2%, while the Dow Jones Industrial Average surged by 868 points. The reopening is expected to ease pressure on oil prices, potentially lowering costs for gasoline and other goods. The U.S. stock market has risen over 12% since late March, driven by hopes for a resolution to the conflict. Despite the optimism, caution remains as prices are still above pre-war levels.
Read at Fortune
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