South Korea Financial Markets

Currency traders work near a screen showing the Korea Composite Stock Price Index (KOSPI), top center, and the foreign exchange rate between U.S. dollar and South Korean won, top center left, at the foreign exchange dealing room of the Hana Bank headquarters, in Seoul, South Korea, Friday, April 17, 2026.

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Oil prices drop 9% and Wall Street rallies to a record after Iran reopens the Strait of Hormuz

Oil prices drop 9% and Wall Street rallies to a record after Iran reopens the Strait of Hormuz

Oil prices dropped back to where they were in the early days of the Iran war, and U.S. stocks raced to another record. The S&P 500 leaped 1.2% Friday after Iran said the Strait of Hormuz is open again for commercial tankers carrying crude. The Dow Jones Industrial Average leaped as many as 1,100 points before paring its gain and ended with a jump of nearly 870 points, or 1.8%, while the Nasdaq composite climbed 1.5%. A freer flow of oil could take pressure off prices not only for gasoline but also for groceries and all kinds of other products. Oil prices fell 9%.

Oil prices jump and stocks are mixed as the US-Iran standoff keeps the Strait of Hormuz in limbo

Oil prices jump and stocks are mixed as the US-Iran standoff keeps the Strait of Hormuz in limbo

Oil prices have climbed more than 5% while shares are mixed as a standoff between Iran and the U.S. prevents tankers from using the Strait of Hormuz. The Persian Gulf waterway was closed after Iran reversed a decision to reopen it and President Donald Trump said a U.S. Navy blockade of Iranian ports would remain in effect. On Friday, oil prices dropped back to where they were in the early days of the war, and the S&P 500 leaped 1.2%. The Dow Jones Industrial Average jumped 1.8%, while the Nasdaq composite climbed 1.5%. A freer flow of oil could take pressure off prices for gasoline and many other products.