Oil plunges, stocks jump on US-Iran peace deal

Oil prices dropped towards $80 a barrel and stocks rallied on Monday after Washington and Iran reached a deal to end the Middle East war and reopen the Strait of Hormuz, sending a wave of relief through global markets.The strait, through which roughly 20 percent of the world's crude oil supply normally transits, was effectively closed by Tehran after the US and Israeli strikes on Iran in late February, sending energy prices soaring.