Oil prices dropped sharply and US stocks surged Friday after the Iranian foreign minister said the Strait of Hormuz will be “completely open” for commercial transit during the remainder of the ceasefire.

Brent crude, the global benchmark, fell 11.2%, to just below $88.25 per barrel. WTI, the US benchmark, sank 10.9% to $81.20 per barrel. Oil prices traded at their lowest levels in five weeks.