Dow Soars Over 1,000 Points, S&P 500 Tops 7,100 For First Time After Iran Declares Strait Of Hormuz Is Open — Trump Says Naval Blockade To Continue

• The S&P 500 index was hovering around a new all-time high of 7,140 at the time of writing, while the Nasdaq Composite was up around 2%.
• President Trump told Bloomberg in an interview that Iran has agreed to suspend its nuclear program indefinitely.
• He added that talks about an agreement will “probably” be held this weekend.

U.S. equities soared on Friday morning after Iranian Foreign Minister Seyed Abbas Araghchi announced that the Strait of Hormuz is completely open for passage following the ceasefire announced between Israel and Lebanon.

The Dow Jones Industrial Average (DJIA) soared more than 1,000 points, while the S&P 500 index topped 7,100 for the first time to hover around a new all-time high of 7,140 at the time of writing. The Nasdaq Composite was up around 2%, reaching a new all-time high of 24,518.

“In line with the ceasefire in Lebanon, the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire, on the coordinated route as already announced by Ports and Maritime Organisation of the Islamic Rep. of Iran,” Araghchi stated in a post on X.

Trump Says Iran Blockade To Continue

Meanwhile, President Donald Trump stated that the naval blockade of Iranian ports will continue until the “transaction” with Iran is complete.

“The Strait of Hormuz is completely open and ready for business and full passage, but the naval blockade will remain in full force and effect as it pertains to Iran, only, until such time as our transaction with Iran is 100% complete,” he stated in a post on Truth Social.

President Trump added that the talks with Iran should be completed very soon, noting that most of the points have already been negotiated with the Middle Eastern country.

President Trump added that the talks with Iran should be completed very soon, noting that most of the points have already been negotiated.

He stated in another post on Truth Social that Iran has agreed to never close the Strait of Hormuz again.

Iran To Suspend Nuclear Program

President Trump told Bloomberg in an interview that Iran has agreed to suspend its nuclear program indefinitely.

He added that talks on an agreement will “probably” be held this weekend, and that he may head to Pakistan to sign the agreement with Iran.

Crude Oil Tanks

Crude oil prices plummeted following the announcement. U.S. West Texas Intermediate (WTI) crude futures expiring in May were down nearly 13%, hovering around $83, the lowest in more than a month. Brent crude futures expiring in June fell about 11% to hover around $88 a barrel.

The United States Oil Fund ETF (USO) was down about 10% at the time of writing, while the ProShares Ultra Bloomberg Crude Oil ETF (UCO) tumbled nearly 13%.

Major U.S. oil stocks also tumbled, with shares of Exxon Mobil, Chevron, ConocoPhillips, and Battalion Oil declining between 5% to 14% on Friday.

At the time of writing, the SPDR S&P 500 ETF (SPY), which tracks the S&P 500 index, was up 1.35%; the Invesco QQQ Trust ETF (QQQ) rose 1.29%; and the SPDR Dow Jones Industrial Average ETF Trust (DIA) surged 2.2%. Retail sentiment on Stocktwits regarding the S&P 500 ETF was in the ‘extremely bullish’ territory.

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