Canadian and U.S. stock markets shot higher in early afternoon trading while the price of oil plunged more than 10 per cent after Iran’s foreign minister said the Strait of Hormuz is fully open.

U.S. President Donald Trump initially celebrated, posting on social media that Iran announced the strait “is fully open and ready for full passage” but minutes later, he issued another post saying the U.S. blockade of Iranian ships and ports would continue until its deal with Iran is complete.