TOKYO – Oil prices sank Wednesday, and stock markets rallied worldwide with hopes that the United States and Iran are nearing a deal to allow ships to deliver crude from the Persian Gulf once again to their customers.

The price for a barrel of Brent crude oil, the international standard, fell 7.8% to $101.27, down from more than $115 early this week. It dropped as President Donald Trump said the Strait of Hormuz could be “OPEN TO ALL” if Iran accepts a reported agreement that the U.S. president did not detail.

The small strait has caused big trouble for the global economy because the war with Iran has blocked oil tankers from using it to exit the Persian Gulf. A reopening could allow oil to flow freely again and remove upward…