Oil falls to $90 and stocks soar as Iran opens Strait of Hormuz

Oil prices fell and U.S. stock futures climbed after Iran said the Strait of Hormuz is open to commercial shipping during a ceasefire, easing supply concerns. U.S. crude for May delivery dropped about 10% to $84.64, and Brent crude fell nearly 9% to $82.25, while U.S. stock futures advanced. Dow Jones Industrial Average futures rose over 650 points, with S&P 500 and Nasdaq Composite futures also higher. Iranian diplomat Seyed Abbas Araghchi said the waterway will remain open throughout the 10-day truce between Israel and Lebanon. The pause, agreed by Benjamin Netanyahu and Lebanese President Joseph Aoun, follows remarks from Donald Trump about a possible broader end to the conflict.