US-Iran framework agreement to reopen the Strait of Hormuz sends S&P 500 up 1.9%, oil down 5%, and crypto market cap surging $60 billion.

(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.

Stock markets rallied worldwide, and oil prices eased after the United States and Iran reached a tentative deal to get the global flow of crude going again