Oil Surges on Iran Threats, Cannabis Stocks Soar, S&P 500 Rallies

1. Crude oil prices surged over 3% amid rising geopolitical tensions, with Iran threatening a closure of the Strait of Hormuz.
2. Cannabis company stocks jumped sharply, with a related ETF up 20%, following reports that the US is set to reclassify marijuana.
3. The U.S. stock market extended its gains, with the S&P 500 index closing up 1.00% overall.