Oil prices fall on Iran peace deal, but may not go much lower

Energy prices tumbled and stocks jumped Monday — but only moderately — after the U.S. and Iran said they had reached a deal to reopen the Strait of Hormuz.

Energy prices broadly tumbled and global stocks rose Monday — but only moderately — after the U.S. and Iran said they had reached an agreement to end fighting and reopen the Strait of Hormuz.

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The price of U.S. crude oil closed down 4.8% to $80.75 per barrel, while international Brent crude closed down 4.7% to $83.17 per barrel. For both benchmarks, those closing prices were their lowest since the first week of March, just days after the war with Iran was launched.

Heating oil, a proxy for jet fuel, declined by more than 3.5%, while wholesale gasoline prices dropped more than 2.5%.