Oil Drops, Boosting Bonds and Stocks – US Market Wrap

A drop in oil prices boosted equities and bonds on optimism that more tankers will be able to cross the Strait of Hormuz, as well as signs that rich nations may release additional inventories.
While traffic via the Strait of Hormuz continues at a halt due to the Middle East conflict, US crude stabilized at $93.50 as a trickle of boats began to find their way through the oil conduit. The S&P 500 increased by 1%. Nvidia gained 1.6% as it aims to earn at least $1 trillion from artificial-intelligence processors by the end of 2027.
Treasuries rose as falling oil prices alleviated inflation fears. The dollar declined. Bitcoin surpassed $73,000.
Trump renewed his calls for assistance from other nations in securing the Strait of Hormuz, claiming Iran had been virtually destroyed. He also stated that striking oil facilities on Iran’s largest export hub, Kharg Island, is still on the table.
Axios reported that a direct communication route between the United States and Iran was just reopened.
The International Energy Agency, which recently agreed to a record release of emergency reserves, stated that more can be made available if necessary.