Iran said it has reimposed “strict control” over the Strait of Hormuz as gunboats linked to the country’s Islamic Revolutionary Guard Corps (IRGC) fired on at least three commercial vessels on Saturday,

Iran's military has accused the U.S. of failing to fulfil its obligations after the Strait of Hormuz was reopened on Friday.

North Sea crude oil prices plunged in a key pricing window after Iran said it would reopen the Strait of Hormuz during a ceasefire in the Middle East conflict.

Iranian military officials said Saturday that conditions in the Strait of Hormuz have reverted to "strict control," citing the continued U.S. blockade of its ports, just one day after declaring the waterway “completely open.

Iran warned mariners that the strait was again closed. Shipping sources said at least two vessels reported coming under fire.

With word of the Strait of Hormuz reopening, the stock market soared on Friday. Oil prices dropped about 10%, and as a result, gas prices ticked downward. Kelly O'Grady breaks it all down.

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

For most of the past week, markets have traded as though the war with Iran were already over. The S&P 500 just hit its third-straight record high and the Nasdaq Composite is on its longest winning streak since 1992.