Oil hits three-month low, markets soar as U.S. and Iran announce peace deal (opens in new tab)

Global oil prices tumbled to a three-month low Monday, and equity markets surged worldwide after the United States and Iran reached a preliminary agreement to end nearly four months of conflict and reopen the Strait of Hormuz. Analysts have called the disruption the greatest energy supply crisis in the history of the market, and the news sent investors unwinding the geopolitical risk premium that had dominated financial markets since February. Markets had already priced in a likely deal, but ...