Oil falls almost 10% and stock futures rise as Iran opens Strait of Hormuz

A top Iranian official declared the Strait of Hormuz "completely open" to commercial vessels during the Israel-Lebanon ceasefire

Vessels passing through the Strait of Hormuz following a ceasefire deal reached between the U.S. and Iran. (Shady Alassar/Anadolu via Getty Images)

Oil prices fell sharply and U.S. stock futures climbed Friday after a top Iranian official declared the Strait of Hormuz "completely open" to commercial traffic during the ceasefire between Israel and Lebanon.

U.S. crude oil futures for May delivery fell 9.8% to $85.37 a barrel. International benchmark Brent for June delivery dropped 9.1% to $90.38 a barrel. Dow Jones Industrial Average futures were up 524 points, or 1.1%, with S&P 500 futures and Nasdaq futures posting gains of 0.8% and 0.9%, respectively.

Iranian Foreign Minister Seyed Abbas Araghchi shared the announcement via X. "In line........

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