The Strait of Hormuz reopened and Wall Street smashed all records, in what became a historic week for the books.

Weeks of war, inflation fears and $100 crude culminated Friday in a sequence of announcements that traders had been waiting for since February 28, when the U.S. and Israel initiated coordinated military operations against Iran.

Iranian Foreign Minister Abbas Araghchi declared the waterway completely open for all commercial vessels for the remaining period of the ceasefire. President Donald Trump followed with a flurry of posts on Truth Social, claiming credit for the opening and closing the sequence with the most consequential line of the day: Iran had agreed to never close the strait again.

“It will no longer be used as a weapon against the World,” Trump wrote on social media. According to Axios, citing unnamed sources, the U.S. is considering releasing $20 billion in frozen Iranian funds so long as Iran gives up its stockpile of enriched uranium.

Oil plunged 15% to around $80 a barrel by midday Friday. WTI crude is now down 27% in two weeks, its worst two-week decline since April 2020, as traders priced out the supply shock that had defined the first quarter.

The S&P 500, as tracked by the SPDR S&P 500 ETF Trust ...