Crude oil slumps 10% as, Wall Street rallies

Oil prices are falling by more than 10 per cent, and Wall Street is rallying toward another record after Iran said the Strait of Hormuz is fully open, which would allow oil tankers to exit the Persian Gulf again and carry crude to customers worldwide.

The S&P 500 rallied 0.7 per cent as US stocks sprinted toward the finish of a third straight week of big gains. The Dow Jones Industrial Average rose 1 per cent, and the Nasdaq composite added 1 per cent. Stocks have rallied more than 11 per cent since late March on hopes that the United States and Iran can avoid a worst-case scenario for the global economy.