Oil prices fell further on Tuesday, extending declines spurred by the United States and Iran announcement on Sunday that they had reached a preliminary agreement to end their war. Stocks were mixed after strong rallies the day before.
Oil prices have jumped about 14 percent since Iran effectively closed the Strait of Hormuz in retaliation for U.S.-Israeli strikes on Iran in late February. Hundreds of ships remain stranded in the Persian Gulf unable to transport oil and gas to global markets.
The shipping industry has reacted warily to news of the deal, which the United States and Iran were expected to sign officially on Friday. The text of the agreement has not been released.
