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

A freer flow of oil could take pressure off prices not only for gasoline but also for groceries and all kinds of other products that get moved by vehicles.

NEW YORK — A steep drop yanked oil prices back to levels seen in the early days of the Iran war, and U.S. stocks raced toward another record Friday after Iran said the Strait of Hormuz is open again to commercial tankers carrying crude from the Persian Gulf to customers worldwide.

The S&P 500 leaped 1.1% as Wall Street rallied toward the finish of a third straight week of big gains, its

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