Crude prices plunge, stocks surge on US Iran peace deal

HONG KONG – Oil prices tumbled and stocks soared yesterday after the United States and Iran said they had reached a deal to end their war that will reopen the Strait of Hormuz, sending a wave of relief through global markets.

The two sides confirmed an announcement from mediator Pakistan, with a signing ceremony set to take place in Switzerland on June 19, bringing an end to three months of conflict that has sent energy prices soaring and revived fears of another inflation spike.