The Globe and Mail reports in its Saturday edition that the S&P 500 and the tech-heavy Nasdaq each rallied to their third record close in a row on Friday as investors cheered Iran's decision to open the Strait of Hormuz. A Reuters dispatch to The Globe says the Toronto Stock Exchange is now only 200 points away from its own record closing high. Iranian Foreign Minister Abbas Aragchi said in a post on X that passage for all commercial vessels through the strait was "completely open" for the remainder of the 10-day truce between Israeli forces and Iran-backed Hezbollah agreed to in Lebanon. This followed U.S. President Donald Trump's announcement that talks could take place this weekend between Tehran and Washington and that they could soon secure a peace agreement to end the Iran war that he and Israel began on Feb. 28. With traders increasingly confident that an end to the war is near, U.S. crude oil prices tumbled 11 per cent, alleviating inflation concerns. The drop in oil prices pressured energy shares, leading to TSX underperformance relative to the major U.S. indexes. Still, some analysts cautioned that logistical challenges remain for shippers. Among movers in Toronto, Xanadu closed down 6.7 per cent.