Iran deal sends oil down 11%, markets to records

The US and Iran reached a deal to reopen the Strait of Hormuz, sending WTI crude down $10.70 to $80.47 and Brent down $8.71 to $84.86 as markets priced out war risk premiums. The 60-day ceasefire framework would restore commercial shipping through the chokepoint that handles 20 percent of global oil supply, according to multiple reports. But clearing the tanker backlog will take weeks, keeping flows below normal and prices sensitive to any breakdown in talks. Treasury yields fell as traders trimmed Fed hike bets, while the S&P 500 hit a record on hopes that lower energy costs will ease inflation pressures.