US equity indexes jumped, with the S&P 500 and the Nasdaq Composite breaking records, and crude oil futures sank in midday trading on Friday after the Strait of Hormuz was declared open for the remainder of the ceasefire period.

The Nasdaq Composite advanced 1.6% to 24,493.9, with the S&P 500 up 1.4% to 7,136.5, and the Dow Jones Industrial Average higher by 2% to 49,556.5.

West Texas Intermediate crude oil futures plunged 14% to $81.49, and Brent crude futures plummeted 13% to $86.58.

"In line with the ceasefire in Lebanon, the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire, on the coordinated route as already announced by Ports and Maritime Organisation of the Islamic Rep. of Iran," Iran's foreign minister, Seyed Abbas Araghchi, said in a post on X, formerly Twitter. The 10-day truce between Israel and Lebanon came into force on Thursday.

Meanwhile, US President Donald Trump said that the US naval blockade will continue until a deal with Iran is "100% complete," CNN reported. He expressed confidence that a deal will come soon, saying talks could happen this weekend. The US-Iran ceasefire ends next week.

US Treasury yields sank, with the 10-year down 7.1 basis points to 4.24% and the two-year slipped eight basis points to 3.7% as falling crude oil prices damped inflation concerns. In precious metals, gold futures advanced 1.8% to $4,895.3 and silver futures jumped 5.4% to $82.92.