Iran's reopening of the Strait of Hormuz sent stocks surging on Friday, with the Nasdaq extending its daily win streak to 12 -- its longest such streak since 1992 -- and settling at a fresh record close alongside the S&P 500. Meanwhile, the Dow added over 860 points as oil prices fell. All three major indexes scored a third-straight weekly gain, with the the blue-chip benchmark seeing its best weekly performance since June, while the Nasdaq and S&P 500 had their best weeks since May.
Though it remains unclear when the U.S.-Iran conflict will officially end, President Donald Trump noted Iran agreed to suspend its nuclear program indefinitely, but will not receive frozen funds from the U.S. Amid Wall Street's relief rally, the Cboe Volatility Index (VIX) marked an eighth-straight daily drop, worst losing streak since November 2023, and a third consecutive week in the red.
Oil Tumbles as Gold Enjoys Relief Rally
Oil prices fell sharpy lower on Friday, after Iran reopened the Strait of Hormuz, easing supply fears. May-dated West Texas Intermediate (WTI) lost roughly 12% to settle at $83.85 per barrel. For the week, black gold lost 11.5%.
Gold prices also benefitted from the reopening of the Strait. June-dated gold rose 1.6% to finish at $4,883.20 an ounce. For the week, the safe-haven commodity added 2.3%.
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