Crude oil prices fall again, while US stocks drift near their all-time highs

Oil markets turned lower again as Brent fell nearly 3% to about $80.80 a barrel and U.S. crude slipped to $78.40, the first time Brent traded below $80 since March. Equities hovered near records, with the S&P 500 up about 0.1% early Tuesday, while the Dow gained 368 points and the Nasdaq slipped slightly. Futures pointed to modest gains for major indices as markets weighed a tentative US-Iran deal aimed at reopening the Strait of Hormuz, though uncertainty remained. Iran’s top diplomat floated a condition involving Israel that could jeopardize the agreement, with negotiations expected over the next 60 days. SpaceX advanced to a third straight gain since its market debut as it moves forward with a $60 billion Cursor acquisition, to close in Q3, while Robinhood rose about 2% after announcing a roughly 10% staff reduction.