Oil prices fall, Wall Street hits record as Iran reopens Hormuz

Oil prices fell sharply and Wall Street rallied to a record after Iran said the Strait of Hormuz is open again for commercial tankers carrying crude, Associated Press reported. 

The S&P 500 jumped 1.2% Friday, while the Dow Jones Industrial Average rose by as many as 1,100 points before closing up about 870 points, or 1.8%.

Oil prices dropped about 9%, returning to levels seen in the early days of the Iran war.

A freer flow of oil could take pressure off gasoline prices as well as groceries and other goods, easing costs tied to energy and transport, the report said.