Oil prices fell more than 13 percent today, and US stocks rose after Iran announced that the Strait of Hormuz had been reopened to tankers carrying oil from the Persian Gulf to users around the world.
The US S&P index rose 1,4 percent, and Wall Street recorded gains for the third consecutive week, the Dow Jones Industrial Average gained 2,2 percent this morning, and the Nasdaq was higher by 1,6 percent.
US stock markets have risen more than 12 percent since bottoming out in late March, on hopes that the United States and Iran will manage to avoid a worst-case scenario for the global economy despite their war.
Today's reopening of the Strait of Hormuz, which may only be temporary, is the clearest sign of optimism yet, and United States President Donald Trump said today that the war should end "very soon."
The price of a barrel of benchmark U.S. crude fell immediately after Iranian Foreign Minister Abbas Araghchi announced on the X network that the Strait of Hormuz was open to all ships as a ceasefire between Israel and Lebanon appeared to be holding. He said the strait would remain open as long as the ceasefire lasted, and U.S. crude prices fell 13 percent to $79,31 a barrel.
International benchmark Brent crude fell 13.4 percent to $86,11 a barrel, still above the $70 a barrel it was before the Iran war, suggesting some caution is needed in financial markets.
Just minutes after Iran's foreign minister announced the reopening of the Strait of Hormuz, US President Donald Trump said on his Twitter account that the US Navy blockade of Iran remains in full force until the two sides reach an agreement on the war. However, he also said that it should happen very quickly and that most of the points have already been negotiated.
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