The decline in oil prices is a direct result of the announced deal between the US and Iran. This development has led to increased optimism in the market, causing stocks to rise. The Strait of Hormuz is a critical waterway for global energy trade, and any agreement that facilitates the flow of goods through it is likely to have a significant impact on oil prices. The hope is that the deal will reduce tensions and allow for smoother trade. The market's reaction to the news suggests that investors are cautiously optimistic about the potential benefits of the deal, but it remains to be seen how the agreement will be implemented and what its long-term effects will be.

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