Oil slides as Hormuz opens on ceasefire; Dow climbs near 1,000 points

Oil prices fell sharply after Iran said the Strait of Hormuz would be completely open for the remainder of the ceasefire, with Brent crude dropping about 11% to around $88.25 a barrel and WTI down about 11% to $81.20. In relief, U.S. equities surged, with the Dow Jones up roughly 940 points (about 1.9%), the S&P 500 up about 1%, and the Nasdaq up about 1.2%. Markets cheered ceasefire optimism, but analysts cautioned that the situation remains dependent on negotiations and the ceasefire’s durability, with oil still trading above pre-war levels.