Stock markets end week with new highs after Iran confirms Strait of Hormuz is reopened

The stock market ended the week with new records after Iran confirmed Friday that it has reopened the Strait of Hormuz in the Persian Gulf amid a temporary ceasefire in the Middle East.

The Dow Jones Industrial Average gained 851 points Friday, resulting in a 1.8% increase, while the S&P 500 closed above 7,100 for the first time in its history, which is a 1.1% increase. The Nasdaq Composite gained 1.3%, per CNBC. 

The change comes after Iranian Foreign Minister Seyed Abbas Araghchi said the strait will remain “completely” open for the length of the ceasefire. 

President Donald Trump claimed that Iran has agreed to never close the strait again but that the U.S. naval blockade of Iran’s ports and coastline will remain in effect until negotiations with the country’s government are “100% complete.”

Oil prices are also continuing to fall as both Iran and the United States move toward an end to the conflict. Oil prices surged to $112 a barrel last week, but the West Texas Intermediate price dropped to $84 as of publishing time.

Misty Severi is a news reporter for Just The News. You can follow her on X for more coverage.