Oil stocks plunge on news of Hormuz strait reopening

Dow futures soared 1,000 points and other averages hit records as Trump announced Iran will remove mines from the Strait of Hormuz. WTI and Brent crude plummeted to their lowest in a month, easing inflation fears. Oil majors Exxon, Chevron, and ConocoPhillips dropped between 5% and 14% as the removal of sea mines boosted broader market sentiment.