Oil prices fall sharply and Wall Street rallies toward a record as Iran reopens the Strait of Hormuz

Oil prices dropped back to where they were in the early days of the Iran war, and U.S. stocks raced toward another record. The S&P 500 leaped 1.1% Friday after Iran said the Strait of Hormuz is open again for commercial tankers carrying crude from the Persian Gulf to customers worldwide. The Dow Jones Industrial Average jumped 1.8%, and the Nasdaq composite climbed 1.3%. A freer flow of oil could take pressure off prices not only for gasoline but also for groceries and all kinds of other pro...