In a significant development, the US and Iran have reached a peace deal, resulting in a remarkable surge in stock markets and a sharp decline in oil prices. Following the announcement, oil prices tumbled to their lowest levels in three months, with Brent crude falling below $85 a barrel. The agreement is seen as a crucial step towards normalizing relations, potentially reopening the Strait of Hormuz, a vital oil shipping corridor. Investors reacted positively, with US stock futures jumping and European markets hitting record highs. However, energy experts caution that it may take months for oil and gas supplies to stabilize fully. As markets celebrate this breakthrough, discussions continue about its implications for consumers and the broader geopolitical landscape.