Business

Oil prices drop more than 10% and stocks soar after Strait of Hormuz reopens

Oil prices drop more than 10% and stocks soar after Strait of Hormuz reopens

NEW YORK — Oil prices dropped more than 10% Friday, and U.S. stocks raced toward another record after President Trump and Iran said the Strait of Hormuz is open again for commercial tankers. However, the U.S. blockade for ships heading for Iranian ports remains in place.

Associated Press

Apr 17, 2026

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