Oil tumbled over 3% as a potential U.S.-Iran nuclear deal raised the prospect of increased global crude supply on Thursday, while stocks markets took a well-earned breather following their weeks-long recovery from April's trade war meltdown.

World shares were mostly lower Thursday while oil prices fell more than $2 as traders bet on a possible U.S.-Iran nuclear deal. U.S. benchmark crude oil lost $2.37 to $60.78 per barrel. Brent crude, the international standard,

Wall Street is veering lower while oil prices are down more than $2 a barrel as traders bet on a possible U.S.-Iran nuclear deal.