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Oil prices tumbled more than 11% after Iran declared the Strait of Hormuz open amid a ceasefire deal with Lebanon.
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The Strait of Hormuz has remained almost completely closed as the U.S. and Iran have disputed the terms of their ceasefire agreement.
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Amid conflicting reports about the situation in the strait, European leaders gathered on Friday to coordinate a plan to guard it.
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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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President Trump welcomed the announcement, but U.S. officials said the naval blockade on vessels leaving from and going to Iranian ports remains in effect.
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;Resize=(620)) S&P 500, Dow Jones and Nasdaq all climbed in morning trading, as stocks run toward the finish of a third straight week of big gains. Brent crude oil, the international standard, dropped to about $86 US a barrel — still higher than the $70 before the Iran war, but lower than it has been in recent weeks.
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