Stock indices surge, oil prices drop after temporary Hormuz opening

Financial markets are reacting positively Friday to news that Iran will temporarily open the Strait of Hormuz for commercial traffic during its ceasefire with the United States. The major U.S. stock indexes, the Dow Jones Industrial Average and NASDAQ, surged. The S&P500 also crossed 7,100 for the first time ever. 
At the same time, oil prices quickly dropped about 10% after the Iranian announcement. 
Market conditions had already begun to improve on Thursday as President Donald Trump expressed optimism that the war in Iran was nearing its end. Trump said the war “should be ending pretty soon.”
An estimated 20% of the world’s oil supply through the straight, in the Persian Gulf region.

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