Topic Intelligence: roils

Iran announced the Strait of Hormuz is "completely open" following a ceasefire agreement, with President Trump declaring the waterway accessible at a Turning Point USA rally in Phoenix. The announcement marks a sharp reversal from Iranian threats to close the critical chokepoint.

Oil prices plummeted on supply relief, while the S&P 500 notched its first close above 7,100 and the Nasdaq posted its longest win streak since 1992. Mortgage rates began falling as inflation expectations eased, benefiting rate-sensitive sectors and reducing energy-driven stagflation fears.

A stable Strait of Hormuz—through which roughly 20% of global oil transits—removes a major geopolitical risk premium from energy markets and reduces near-term recession probability. However, the durability of the ceasefire and underlying Iran-US tensions remain unresolved.