NEW YORK (AP) — Oil prices are sinking again and dipped below $80 per barrel for the first time since early March, while the U.S. stock market drifts near its all-time high. The S&P 500 edged up 0.1% early Tuesday following a rally that's brought it close to the record it set earlier this month. The Dow Jones Industrial Average rose 368 points, and the Nasdaq composite slipped 0.1%. Brent crude fell 3% as optimism continues following the tentative deal reached between the United States and Iran that will hopefully reopen the Strait of Hormuz at the end of the week.
THIS IS A BREAKING NEWS UPDATE. AP's earlier story follows below.
U.S. markets leaned toward modest gains before the opening bell Tuesday and oil prices fell following the U.S. and Iran's announcement a day earlier that they had a reached a tentative deal to end their conflict.
