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 1.7% on hopes that this time, the announcement of an Iran-U.S. agreement will mean a long-term fix to a conflict that has worsened inflation around the world. The Dow Jones Industrial Average was up 673 points, or 1.2%, as of 11:15 a.m. Eastern time, and the Nasdaq composite was 2.7% higher.

Stocks got a lift after the price for a barrel of Brent…