US stocks surged on Friday, adding to records after Iran said the Strait of Hormuz was “completely open” following a ceasefire with Israel and Lebanon.
Oil prices plunged alongside the rally in equities, with Brent crude down 10% to $89.48 and WTI falling 11% to $84.06.
The re-opening of the Strait, a critical passage for oil, was announced by Iran’s Foreign Minister in a post on X Friday morning. The news has removed one of the market’s most pervasive overhangs, with stocks being dragged lower for most of March due to fears of prolonged supply disruptions in the Middle East.
“In line with the ceasefire in Lebanon, the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire, on the coordinated route as already announced by Ports and Maritime Organisation of the Islamic Rep. of Iran,” Foreign Minister Seyed Abbas Araghchi wrote.
Trump followed up with his own update in a post on Truth Social.
Major indexes surged, with the Dow advancing 500 points and the S&P 500 on track to notch a 12-day winning streak.
Here’s where US indexes stood shortly after the 9:30 a.m. opening bell on Friday:
Investors have jumped back into risk assets since the ceasefire took effect. Markets are feeling more confident that the conflict in the Middle East will soon draw to an end, particularly as President Donald Trump has intermittently reassured investors about progress on a peace deal.
Speaking at an event in Las Vegas on Thursday, Trump said that he believed that the conflict with Iran was “going along swimmingly,” and that the war “should be ending pretty soon.”
Investors have grown more hopeful about a peace deal since the US and Iran reached a ceasefire last week.
Much of the market’s gains have been fueled by investors jumping back into tech stocks, which have been beaten down amid AI fears and the broader Iran-fueled sell-off. The iShares Expanded Tech-Software Sector ETF, which tumbled into a bear market in early 2026, is up 13% since last Friday.
