Oil prices tumbled and European energy stocks sold off Monday after the United States and Iran reached an interim peace deal expected to reopen the Strait of Hormuz to oil tanker traffic and phase out U.S. sanctions on Iranian crude exports, according to analysts and company statements cited in The Wall Street Journal’s Energy & Utilities Roundup.

Brent crude futures fell 4.6% to $83.29 a barrel, their lowest since March, according to the Roundup. West Texas Intermediate crude declined 3.2% to $74.92 a barrel. The deal also weighed on shares of major European oil companies, which had been reporting bumper profits during the conflict, analysts said.

In London trading, BP fell 4% and Shell dropped 3.8%, according to the Roundup. Spain’s Repsol declined 5.1%, France’s TotalEnergies and Italy’s Eni both slid 4.5%, and Norway’s Equinor dropped 5.6%.

The agreement, which foresees a phased lifting of U.S. sanctions on Iranian oil exports and the reopening of the Strait of Hormuz, was welcomed by European Commission President Ursula von der Leyen, who said reopening should happen immediately, according to the Roundup.

MSI reported earlier this month that oil prices had fallen on hopes of a diplomatic resolution with Iran after weeks of military strikes and a closed Strait of Hormuz. Iran-related supply disruptions have been a recurring theme in energy markets since early May.

The drop in oil prices boosted airline shares, with Air France-KLM rising 12%, Wizz Air up 8.8%, Jet2 up 4%, and IAG gaining 3.7%, the Roundup said.

“This is good news for inflation, which should start tumbling monthly from June, and it could ease concerns about price pressures as we lead up to some major central bank action this week,” XTB analyst Kathleen Brooks said in a note cited by the Roundup.

Separately, DBS Group Research analyst Chanpen Sirithanarattanakul said in a note that Thai industrial real-estate developer Amata Corp.’s valuation rerating appeared supported by strengthening growth visibility. The analyst said the company is likely to see stronger contribution from its recurring utilities income and that near-term earnings should benefit from asset monetization, including plans to sell stakes in two Vietnam service-city projects. DBS raised its target price on Amata to 30.00 baht from 22.80 baht and maintained a buy rating. Amata shares rose 2.9% to 27.00 baht.