Oil prices sink, stocks set to soar after Trump announces deal with Iran

Oil prices tumbled after President Trump said the U.S. has reached a deal with Iran that will reopen the Strait of Hormuz, a vital Middle East waterway that accounts for roughly 20% of global crude. U.S. stocks are poised to surge when the market opens at 9:30 a.m. ET on optimism that the deal will bring relief to businesses and consumers after May inflation hit its highest level in more than three years. …