U.S. stocks rallied sharply on July 17, with the Dow Jones Industrial Average climbing more than 1,100 points at its peak. The gains came after Iranian Foreign Minister Araghchi signalled that the Strait of Hormuz (the narrow waterway through which roughly a fifth of the world's oil supply passes) would remain open, easing fears of a disruption to global crude supplies. Oil futures on the New York market tumbled in response, falling into the $80-per-barrel range.