Markets Spike, Oil Drops Sharply On Opening Of Strait Of Hormuz #NDTV
Markets Spike, Oil Drops Sharply On Opening Of Strait Of Hormuz
Global markets surged while oil prices tumbled after Iran announced the reopening of the Strait of Hormuz for commercial shipping. The S&P 500 hit a record high, with the Dow Jones Industrial Average and Nasdaq Composite also posting strong gains as easing supply concerns boosted investor sentiment.
Crude prices fell sharply, with U.S. oil dropping over 9% after Iran’s foreign minister Abbas Araghchi confirmed free passage through the strait amid a ceasefire. Analysts say the increased oil flow could ease inflation pressures globally, impacting fuel, food, and borrowing costs in the weeks ahead.
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