US EditionOil Prices Drop 9% and Wall Street Rallies to a Record After Iran Reopens the Strait of Hormuz
Oil prices fell more than 11% as traders bet the reopening could ease inflation pressures and lift travel stocks.
- On Friday, the benchmark S&P 500 and the tech-heavy Nasdaq reached record highs, while the blue-chip Dow hit its highest level in over two months, as investors cheered Iran's decision to open the Strait of Hormuz.
- Iranian Foreign Minister Abbas Araqchi stated passage for all commercial vessels through the Strait is "completely open" for the remainder of a 10-day truce between Israeli forces and Iran-backed Hezbollah agreed to in Lebanon.
- Following President Donald Trump's announcement that talks between Tehran and Washington could occur this weekend, U.S. crude oil prices tumbled more than 11%, alleviating inflation concerns.
- Consumer discretionary stocks rallied as jet fuel costs fell, led by cruise operators Carnival and Norwegian Cruise Line, while the energy sector saw shares slide as oil prices plummeted.
- Despite the market rally, Erik Bethel, general partner at maritime-focused investment firm Mare Liberum, cautioned that shippers still face astronomical war-risk insurance premiums, potential mine hazards, and uncertainty regarding enforcement.
65 Articles
65 Articles
Oil prices drop 9% and Wall Street rallies
NEW YORK (AP) — Oil prices dropped back to where they were in the early days of the Iran war, and U.S. stocks raced to another record Friday after Iran said the Strait of Hormuz is open again for commercial tankers carrying crude from the Persian Gulf to customers worldwide. The S&P 500 leaped 1.2% to an all-time high and closed out a third straight week of big gains, its longest streak since Halloween. A freer flow of oil could take pressure of…
Sydney Morning Herald
The price of peace: what kind of deal with Iran would Trump accept?
The US president has declared the Strait of Hormuz is open and that Iran has agreed to all his demands. But the real picture is much more complicated - and there is one big wildcard.
Indexes Jump After Oil Prices Take a Fall
Oil prices dropped back to where they were in the early days of the Iran war, and US stocks raced to another record Friday after Iran said the Strait of Hormuz is open again for commercial tankers carrying crude from the Persian Gulf to customers worldwide. The Dow rose 868....
Stock Market Today, April 17: Oil Prices Drop As Strait of Hormuz Reopens
The S&P 500 (SNPINDEX:^GSPC) rose 1.20% to 7,126.06, the Nasdaq Composite (NASDAQINDEX:^IXIC) gained 1.52% to 24,468.48, and the Dow Jones Industrial Average (DJINDICES:^DJI) advanced 1.79% to 49,447.43 as easing Middle East tensions drove fresh highs.Market moversExxon Mobil (NYSE:XOM) and Chevron (NYSE:CVX) sank roughly 3.7% and 2.2%, respectively, as big oil stocks fell on plunging crude prices. Airline and travel stocks, such as American Air…
Investors are optimistic that the United States and Iran should reach a definitive agreement to end the war soon.
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