NEW YORK (AP) — Oil prices are sinking again Tuesday and pulled back 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 slipped 0.2% following a rally that's brought it back within 1% of its record set earlier this month. The Dow Jones Industrial Average was up 502 points, or 1%, as of 12:46 p.m. Eastern time, and the Nasdaq composite was 0.5% lower.
With optimism continuing that a tentative U.S.-Iran deal on their war will reopen the Strait of Hormuz at the end of the week and get the global flow of oil going again, the price for a barrel of Brent crude fell 5.4% to $78.66.
