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Oil prices drop 9% and Wall Street rallies to a record after Iran reopens the Strait of Hormuz

NEW YORK (AP) — Oil prices dropped back to where they were in the early days of the Iran war, and U. S. stocks raced to another record Friday after Iran said the Strait of Hormuz is open again for commercial tankers carrying crude from the Persian Gulf to customers worldwide. The S&P 500 leaped 1. 2% to an all-time high and closed out a third straight week of big gains, its longest streak since Halloween. A freer flow of oil could take pressure off prices not only for gasoline but also for...

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