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June 16, 2026

Stocks leap worldwide, oil prices drop after the US, Iran reach tentative deal

By STAN CHOE
AP Business Writer

NEW YORK — Stock markets rallied worldwide Monday, and oil prices eased after the United States and Iran reached a tentative deal to extend their ceasefire and reopen the Strait of Hormuz to get the global flow of crude going again.

The S&P 500 rose 1.7% on hopes that this time, the announcement of an Iran-U.S. agreement will mean a long-term fix to a conflict that has worsened inflation around the world. The Dow Jones Industrial Average climbed 468 points, or 0.9%, to a record, and the Nasdaq composite jumped 3.1%.


 
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