Indian equity markets are looking at a gap-up opening on Monday as GIFT Nifty, the country's early market indicator rose as much as 1% to 24,720 on Friday evening.
As of 7:20 p.m. IST, the market indicator showed 1.23% or nearly 300 points higher opening at 24,721.50.
This comes after Iranian Foreign Minister Abbas Araghchi announced the "complete" opening of Strait of Hormuz till the ceasefire with the United States ends on April 21. The decision, he said, has been taken in view of the temporary truce announced in Lebanon.
"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," he posted on X.
Meanwhile, US President Donald Trump also took to his Truth Social handle and said, "Iran has just announced that the Strait of Iran is fully open and ready for full passage."
ALSO READ: Crude Oil Prices Slump 10% As Iran Declares Hormuz 'Completely Open'; Brent Slips Below $90
After the announcement Crude oil prices slumped by around 10% while US stock market saw a sharp jump. Brent, the global crude benchmark, was down by 10.73% to $88.73 an ounce. This marks the sharpest reversal in crude oil prices in the past six weeks, as prices stayed elevated during the escalating conflict in the Middle East.
The Strait of Hormuz, which accounts for 20% of world's crude and gas supplies, was closed down by Iran in response to the offensive launched by the US and Israel on Feb. 28. Till earlier this week, analysts warned that oil may peak to $150 an ounce if the conflict persists, as Tehran had indicated that its ally, the Houthi rebels of Yemen, will choke off supplies via Bab al-Mandab Strait in the Red Sea.
Dow Jones Industrial Average rose 683.19 points or 1.43%, S&P 500 also rose over 0.79%, while Nasdaq was up 0.99%.
As the US market opened, spot gold rose 1.56% to $4,864.79 an ounce. The Bloomberg Dollar Index fell 0.5%, with the British Pound rising 0.4% at $1.3587 and the Japanese yen was up 0.5%.
Bitcoin, the largest traded cryptocurrency was up 2%, rising for the fifth straight day and posting the longest winning streak since Jan. 5, 2026.
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