April 17, 2026

Oil got crushed and Wall Street ripped to fresh records Friday after Iran’s foreign minister said the Strait of Hormuz is open to commercial shipping, easing fears over a choke point that could jolt global energy markets. U.S. crude plunged 10% to near $85 a barrel, Brent sank more than 8% to around $90, and heating oil and gas futures also tumbled, while the S&P 500 and Nasdaq opened at all-time highs. The move calmed traders for now, but questions remain over mines, ceasefire fragility, and whether the U.S.-Iran standoff truly steps back from the brink.

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