NEW YORK (AP) — Oil prices are sinking again Tuesday and pulled back to $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 rose 0.1% following a rally that's brought it back within 0.6% of its record set earlier this month. The Dow Jones Industrial Average was up 395 points, or 0.8%, as of 9:35 a.m. Eastern time, and the Nasdaq composite was virtually unchanged.
The price for a barrel of Brent crude fell 3.2% 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 and get the global flow of oil going again. It was at $80.50 after earlier dropping as low as $79.61.
