Oil Prices Sink, Stocks Soar After Trump Announces Deal with Iran

TL;DR

Oil prices tumbled after President Trump announced a preliminary deal with Iran that would reopen the Strait of Hormuz.
U.S. stocks reached record highs due to optimism about the agreement alleviating business and consumer pressures.
Brent crude fell 4.8% to $83.17, and West Texas Intermediate dropped 4% to $81.46.
The Dow Jones Industrial Average and S&P 500 closed at new all-time highs.
Analysts predict it may take weeks for oil tanker traffic to return to pre-war levels.
Companies with large fuel bills, like United Airlines and Royal Caribbean Group, saw their stocks rise.
Stocks in the artificial-intelligence industry also surged.
The deal follows a May inflation report showing the highest increase in over three years, largely driven by energy prices.
Americans are still paying significantly more for gasoline compared to pre-war prices.
A point of contention in the truce is whether Iran will charge tolls for passage through the strait.

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