Iran reopens Strait of Hormuz, oil prices plunge and stocks rise

Iran announced the Strait of Hormuz is fully open to shipping, causing oil prices to drop sharply — by nearly 15% at one point — while stock markets surged. The strait is a critical waterway for global oil transport, and its closure had driven prices up in recent days.

Traders quickly shifted to buying US crude oil as Middle East supply concerns eased. European oil companies also benefited from the volatility. The reopening followed a period of tension between Iran and the US over the waterway.