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Live Updates: Trump says U.S. will continue blockade after Iran says Strait of Hormuz "completely open" CBS NewsOil prices plunge after Iran says Strait of Hormuz open for commercial shipping traffic Fox BusinessIran declares Strait of Hormuz open to shipping but Trump says U.S. blockade still active CNBC
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The reopening of the Strait of Hormuz on Friday sent a wave of relief through oil markets, knocking crude prices down to their lowest levels since the early days of the U.S.-Iran conflict.
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Stock Market Today: Dow up 1,000 points, stocks hit session highs, as Trump tells reporter Iran 'agreed to everything' MarketWatchStock market today: Dow rises, S&P 500 and Nasdaq notch fresh records as war resolution hopes grow Yahoo FinanceS&P 500 on Pace for Third Record Close in a Row WSJDow Jones Futures Rise, Oil Prices Fall On Trump's Iran Comments; Netflix Dives Investor's Busine
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But analysts said it was not clear how quickly the oil industry in the Persian Gulf would be able to get back to normal.
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Federal Reserve governor Chris Waller said the surge in oil prices tied to the Iran war and lingering effects from U.S. tariffs could "lead to a more lasting increase in inflation," potentially forcing the central bank to eschew further interest-rate cuts.
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