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MARKET UPDATE: Oil is crashing while US stocks hit fresh record highs as traders price in a reopening of the Strait of Hormuz. Brent crude and WTI have fallen over 13% this week to $79 and $75, respectively, marking their lowest levels since July 13. The Dow closed at a record 54,085, while the S&P 500 finished at a record 7,736. Meanwhile, BTC remains stuck near $64k despite the strong risk-on move.

