Oil Prices Plunge 9–11% and Wall Street Hits Record on Hormuz Opening

Global oil markets reacted dramatically to Iran's declaration that the Strait of Hormuz was open. Brent crude fell 9.07% to settle at $90.38 per barrel, down from a recent peak of ~$120. WTI crude plunged 11.45% to $83.85 per barrel — its lowest since March 10. US stock markets surged: the Dow gained 869 points (+1.79%), recouping all war-related losses. The S&P 500 leaped 1.2% to an all-time record high, closing a third consecutive week of big gains. Analysts cautioned the market euphoria was premature given the conditional nature of the Hormuz opening and unresolved blockade tensions.