NEW YORK (AP) — Stock markets are rallying worldwide Monday, and oil prices are easing after the United States and Iran reached a tentative deal to extend their ceasefire and reopen the Strait of Hormuz to get the global flow of crude going again.

The S&P 500 rose 1.5% on hopes that this time, the announcement of an Iran-U.S. agreement will mean a long-term fix to a conflict that has sent inflation painfully upward for the entire world. The Dow Jones Industrial Average was up 611 points, or 1.2%, as of 10 a.m. Eastern time, and the Nasdaq composite was 2.4% higher.

Stocks got a lift after the price for a barrel of Brent crude oil fell 4.9% to $83.04, back to where it was in early March. While that’s still higher than its price of…