Oil prices dropped back to where they were in the early days of the Iran war, and U.S. stocks raced to another record.

The S&P 500 leaped 1.2% Friday after Iran said the Strait of Hormuz is open again for commercial tankers carrying crude. The Dow Jones Industrial Average leaped as many as 1,100 points before paring its gain and ended with a jump of about 870 points, or 1.8%, while the Nasdaq composite climbed 1.5%.

A freer flow of oil could take pressure off prices not only for gasoline but also for groceries and all kinds of other products. Oil prices fell 9%.

On Friday:

The S&P 500 rose 84.78 points, or 1.2%, to 7,126.06.

The Dow Jones Industrial Average rose 868.71 points, or 1.8%, to 49,447.43.

The Nasdaq composite rose 365.78 points, or 1.5%, to 24,468.48.

The Russell 2000 index of smaller companies rose 57.30 points, or 2.1% to 2,776.90.

For the week:

The S&P 500 is up 309.17 points, or 4.5%.

The Dow is up 1,530.86 points, or 3.2%.

The Nasdaq is up 1,565.59 points, or 6.8%.

The Russell 2000 is up 146.31 points, or 5.6%.

For the year:

The S&P 500 is up 280.56 points, or 4.1%.

The Dow is up 1,384.14 points, or 2.9%.

The Nasdaq is up 1,226.49 points, or 5.3%.

The Russell 2000 is up 294.99 points, or 11.9%.