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 per cent 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 per cent, as of 10 a.m. Eastern time, and the Nasdaq composite was 2.4 per cent higher.

Stocks got a lift after the…