Oil prices tank and stocks climb after Iran reopens the Strait of Hormuz

Oil prices dropped more than 10% Friday, and U.S. stocks raced toward another record after Iran said the Strait of Hormuz is open again for commercial tankers carrying oil from the Persian Gulf to customers worldwide. The S&P 500 leaped 1.5% as Wall Street rallied to the finish of a third straight week of big gains, its longest streak since Halloween. A freer flow of oil would take pressure off prices not only for gasoline but also for groceries and all kinds of other products t...