The pattern this morning: a US-Iran framework to end the war was great news for the world — but it crashed oil to its cheapest.

(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