Iran has reopened the Strait of Hormuz, allowing commercial tankers transporting oil from the Persian Gulf to reach customers worldwide. The S&P 500 jumped 1.5% as Wall Street finished its third consecutive week of big gains, its longest streak since Halloween. The reopening of the strait may only be temporary, but it could significantly reduce prices on gasoline, groceries, and mortgage bills. The Dow Jones Industrial Average rose by 2.3%, while the Nasdaq composite was 1.7% higher. Despite this, the U.S. stock market has surged by over 12% since its bottom in late March due to hopes of avoiding a worst-case scenario for the global economy.