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Dow rallies 1,000 points, S&P 500 tops 7,100 for the first time after Iran declares Strait of Hormuz open: Live updates CNBCOil plunges 13%, Dow soars 1,000 points after Iran says Strait of Hormuz is ‘completely open' during ceasefire CNNShipowners and Oil Traders Wary as Iran Says Hormuz Fully Open Bloomberg.comIran reopens Strait of Hormuz, but Trump says blockade on Iranian ships and ports will stay in force AP News
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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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Oil prices were plunging on Friday morning after Iran's foreign minister said the Strait of Hormuz is declared open for the passage of all commercial vessels for the remaining period of the cease-fire.
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Higher oil prices may not be enough to dent the world's biggest trade surplus
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Friday's statements raised investors' hopes that oil and gas would start moving out of the Persian Gulf in significant volumes again.
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Asian stocks lower and oil falls after Wall Street sets another record on ceasefire hopes AP NewsAsia markets mostly fall as fragile Middle East ceasefire tempers sentiment CNBCAsian Stocks Advance on U.S.-Iran Deal Hopes WSJJapanese stocks hit new high as AI boosts tech heavy Asian markets Nikkei Asia
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A prolonged shutdown of a key oil route is choking jet fuel supply, forcing Europe to scramble for alternatives.
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