Oil prices drop 13%, stocks jump as Iran reopens Strait of Hormuz
Oil prices tumbled sharply on Friday while global equities surged after Iran announced the reopening of the Strait of Hormuz, easing fears of prolonged supply disruptions in global energy markets. Benchmark US crude fell more than 13% to $79.31 per barrel, while Brent crude dropped 13.4% to $86.11, following remarks by Iranian Foreign Minister Abbas