Luxury stocks rise as U.S.-Iran deal promises to end conflict, brightening prospects of recovery in the global fashion sector.

(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

Asian shares climb with Japan’s Nikkei nearing record close

The US and Iran have agreed on an interim deal to end the war, removing a major overhang for markets and sending oil prices lower