Global oil prices tumbled to a three-month low and stock markets rallied amid fresh hopes that a US-Iran peace deal could end the greatest energy supply crisis in the history of the market. The price of Brent crude dropped 5.2 per cent at $82.80 (€) a barrel as the new trading week began, amid optimism the Strait of Hormuz could reopen. Wholesale gas prices fell 6 per cent in Europe.DublinEuronext Dublin climbed just 0.3 per cent during what was a mixed day for the index despite the news of a US-Iran peace deal.The big winner was the airline industry as Ryanair soared 3 per cent to €25.83, although the airline lagged some of its competitors in other markets.There was good news too for builders as Cairn Homes and Glenveagh Properties climbed 1.4 per cent and 1.5 per cent respectively, while insulation specialist Kingspan finished the day up 0.5 per cent. On the downside, the banks were the main laggards with AIB and Bank of Ireland down 1 per cent and 0.8 per cent respectively, while food ingredients giant Kerry Group slipped 1 per cent to €75.LondonThe FTSE 100 gave back early gains in the wake of the US-Iran peace deal to close down 0.4 per cent on a mixed day for stocks in London. Elsewhere, the FTSE 250 ended up 0.2 per cent and the Aim All-Share shot up 2.3 per cent.Weak oil majors underperformed with BP and Shell down 3.3 per cent and 4.4 per cent respectively, while defence manufacturer BAE Systems fell 4.7 per cent.On the FTSE 100, Bunzl advanced 0.6 per cent as Bloomberg reported that activist investor Elliott Investment Management has built a near-5 per cent stake in the distribution firm.Rolls-Royce surged 3.9 per cent after securing two important agreements involving its new small nuclear reactors.On the FTSE 250, Vistry fell 7.1 per cent as JPMorgan downgraded to “underweight” from “neutral” with a new share price target of 210p, down from 430p.Europe Euro zone bond yields fell and European equity markets rose after the US-Iran deal.Germany’s 10-year bond yield, the benchmark for the euro zone, fell to 2.945 per cent at one point – its lowest since late May – and finished down 4 basis points at 2.955 per cent.The German two-year yield, which is sensitive to European Central Bank interest rate expectations, fell to a two-week trough of 2.547 per cent and finished 4 basis points lower at 2.575 per cent.In equity markets, the Cac 40 in Paris ended up 0.4 per cent, and the Dax 40 in Frankfurt climbed 1.1 per cent. The Stoxx Europe 600 rose 0.2 per cent.New YorkWall Street’s main indexes rose with the Dow touching an intraday high. Stronger risk appetite sent the S&P 500 toward its biggest advance since April, with the benchmark rising about 2 per cent. The tech-heavy Nasdaq 100 climbed 3 per cent.United Airlines rose 5.4 per cent, while Delta Air Lines and American Airlines added 2.2 per cent and 4.4 per cent respectively. Norwegian Cruise and Carnival Corp advanced about 4 per cent each.Shares of oil majors Exxon Mobil and Chevron fell almost 4 per cent each. The S&P 500 energy index was down 3.4 per cent.Memory chipmakers were at record highs, with Micron soaring 9.2 per cent after multiple brokerages raised its price targets.The Philadelphia SE Semiconductor index hit a record high and rose 4.5 per cent, with chip giant Nvidia up 3 per cent.SpaceX’s shares were up almost 8 per cent after the Elon Musk-led firm ended its blockbuster IPO with a more than $2 trillion valuation.In other movers, Fox tumbled 16.7 per cent after the company said it would buy Roku in a $22 billion deal. – Additional reporting: Agencies