Oil Prices Plummet, Stocks Soar on Ceasefire

0:00It's April 17. This is U.S. News today, your AI-powered source for national news. Oil prices tanked more than 10 percent Friday after Iran's foreign minister announced the Strait of Hormuz is completely open for commercialships. During the ongoing ceasefire, that since stock soaring with the Dow Jones jumping 952 points or nearly 2 percent to 49530, the S&P 500 rose about 1 percent and the NASDAQ climbed 1.15 The Strait handles 1.5 of the world's crude oil and Iran had choked it off since the U.S. and Israeli offensive kicked off, pushing prices to a high of nearly 120 dollars a barrel. Now both Brand and West Texas Intermediate have dipped to below 90 bucks, Brent at $89.56 WTI at $81.88. Traders are buzzing with relief. Calling this the biggest win yet in the ceasefire talks, sparking hopes the war wraps up soon and supply chains.

1:01Normalize. Wall Street opened strong, building on fresh record highs, while investors who bet against stocks early in the conflict are scrambling to cover losses. It's meanwhile European markets climb 2 percent in places like Frankfurt and Paris, though Asia closed mostly lower. Tokyo down 1.8 percent after its recent peak. French and UK leaders are huddling with allies to plan a multinational force for safe passage once the fighting stops for good. This oil drop in market rally signal a real pivot towards stability, but with blockades lingering and ceasefires overlapping, watch for more twists in. The Peace Push.