Oil prices fell by over 10% and the Dow soars more than 1,000 points after Iran announced the Strait of Hormuz is fully open, allowing oil tankers to leave the Persian Gulf again and carry crude to customers worldwide. The S&P 500 jumped 1.3% in morning trading, while the Nasdaq composite also climbed 1.5%. Stocks have risen by 12% since late March on hopes that the United States and Iran can avoid a worst-case scenario for the global economy. The reopening of the Strait may only be temporary, but this is seen as a signal for optimism. President Donald Trump said the war should be ending soon. The price for a barrel of benchmark U.S. crude fell sharply immediately after Iran’s foreign minister, Abbas Araghchi, announced that the passage for all commercial vessels through the strait “is declared completely open” as a ceasefire appears to be holding in Lebanon.