Oil prices tank and stocks climb after Iran reopens the Strait of Hormuz

The U.S. stock market has jumped more than 12% since hitting a bottom in late March.

People work on the floor at the New York Stock Exchange in New York on Monday, April 13, 2026. [Photo: Seth Wenig/AP Photo]

Oil prices dropped more than 10% Friday, and U.S. stocks raced toward another record after Iran said the Strait of Hormuz is open again for commercial tankers carrying oil from the Persian Gulf to customers worldwide.

The S&P 500 leaped 1.5% as Wall Street rallied to the finish of........

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