Global markets swing on Hormuz deal hopes as crude slips

Many ships carry oil and goods through a narrow strip of water called the Strait of Hormuz.

The United States and Iran were fighting, and people worried ships might be stopped and oil would become expensive.

Now the two countries are talking about letting ships move freely again, and they may reach an agreement soon.

When peace seems closer, the price of oil goes down, and it fell to about $75 for one barrel.

There are places called stock markets where people buy small pieces of companies, like shops, car makers, and computer businesses.

When people feel happy and safe, they buy more, and markets go up; this week, some US markets made record highs.

But when people feel unsure, they sell, and markets go down; markets in Japan and South Korea fell sharply on Thursday.

Indian markets also went up and down, and leaders there are waiting for a big bank meeting that decides interest rates.

Interest rates decide how much it costs to borrow money, which affects shops, homes, and businesses all over India.