I was driving to work ~ 60 mph and the engine just died. Scary thing is that the oil idiot light came on right when the engine died, while I was still rolling. Would this happen if it's a broken timing belt?

I pulled over, but the car would not restart. The oil gauge came up when it cranked and I think it still has oil (it was dark and hard to tell, but no obvious oil loss). I checked and spun fuses, still nothing.
What are the checks I can perform to quickly determine the root cause?

Thanks for your help,

Tom
'86 245DL 247k