Oil prices fell sharply and global stock markets rallied after the United States and Iran agreed to end their three-month conflict and reopen the Strait of Hormuz, easing fears over energy supplies, inflation and global economic growth.

(Bloomberg) -- Stocks rallied, oil slumped and the dollar fell after the US and Iran said they had reached a deal to reopen the Strait of Hormuz.

Oil prices dropped significantly as President Trump and Iran's deputy foreign minister announced an initial deal to end the war and reopen the Strait of Hormuz. The agreement,…