The Strait of Hormuz was reopened on Friday, significantly boosting U.S. stock markets, with the S&P 500 rising 1.1%, the NASDAQ increasing by 1.4%, and the Dow jumping 1.8%, all closing the week at record highs. However, optimism took a hit when the U.S. seized an Iranian cargo ship in the Gulf of Oman, leading to renewed traffic stoppages.
In reaction, crude oil prices surged, with West Texas Intermediate (WTI) approaching $90 per barrel and Brent crude nearing $95. This shift suggests escalating tensions in the region, impacting investor sentiment.
