U.S. stocks surged as Brent crude prices retreated from recent highs. The international benchmark dropped to $101 per barrel. Prices previously climbed above $105 due to conflict in the Middle East.
Supply fears eased following reports that vessels successfully navigated the Strait of Hormuz. The Persian Gulf waterway serves as a critical chokepoint for global oil shipments.
Lower energy costs reduced investor concerns about persistent inflation and a potential economic downturn. Equities saw a broad relief rally, led by fuel-sensitive sectors such as airlines.