Oil prices tumbled further Thursday after US President Donald Trump and his Iranian counterpart signed off on a deal to end their war and reopen the Strait of Hormuz to tanker and cargo traffic. European and Asian stock markets were mixed, with some major indexes retreating after steep falls on Wall Street after the Federal Reserve raised its inflation forecast and projected higher US interest rates this year, boosting the dollar. “Politics and economics are front and centre for markets,” said Russ Mould, investment director at AJ Bell.