The price of crude oil is tumbling, and U.S. stock futures are moving higher.

The US and Iran said they reached an interim agreement to end hostilities and reopen the Strait of Hormuz, with the deal to be signed in Switzerland on Friday.

The price of WTI crude oil has plunged nearly 5% to just under $81 per barrel, its softest level in about two months.

Nasdaq 100 futures are higher by 1.5% and S&P 500 futures are up 0.9%.

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