Wall Street rallied toward record highs Monday as President Donald Trump declared the Strait of Hormuz reopened and oil prices plunged, yet a cluster of the market’s biggest names are still trading well below their pre-war levels.

West Texas Intermediate fell 5.4% on Monday to about $80 a barrel, now trading more than 30% below its wartime peak, as the U.S. and Iran moved to end the conflict and reopen the strait.

Using Benzinga Pro, a screen of stocks worth more than $100 billion turns up 20 names still trading below their February 27 close, the last session before the war began. Each remains down by 15% to 24%.

What Trump Said On Iran

Trump announced the agreement Sunday on Truth Social, clearing the reopening of the waterway and lifting the United States naval blockade.

"The Deal with the Islamic Republic of Iran is now complete. … Ships of the world, start your engines. Let the oil flow!"

On Monday, Trump added the relief was already reaching the water.

“Ships are starting to move, many loaded up with Oil, out of the Strait,” he wrote on Truth Social on Monday, describing a southern shipping route he called safe and secure. Roughly a fifth of the ...