North American stocks rally and oil tumbles 10% after Iran says Strait of Hormuz is open

S&P 500, Dow Jones and Nasdaq all climbed shortly after open, as stocks run toward the finish of a third straight week of big gains. Brent crude oil, the international standard, dropped to $89.13 US a barrel — still higher than the $70 before the Iran war, but lower than it has been in recent weeks.

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