Stock markets rise, oil falls as US, Iran confirm ceasefire deal | Financial Markets

A GROWING STORYTHE STORY IS DEVELOPING,

Asian markets are rising after Washington and Tehran announced an agreement to end hostilities and reopen the Strait of Hormuz.

Stock markets across Asia-Pacific are growing following the announcement of an agreement between Washington and Tehran to end the US-Israel war on Iran.

Japan’s benchmark Nikkei 225 index rose more than 5 percent in late trading on Monday, while South Korea’s Kospi jumped 5.7 percent.

Taiwan’s Taiex rose 2.7 percent, while Australia’s ASX200 gained about 1.5 percent.

U.S. stock futures, which are traded outside regular market hours, rose, with those tied to the benchmark S&P500 and the tech-heavy Nasdaq Composite up about 1 percent and 1.6 percent, respectively.

Brent crude, the world’s main benchmark for oil prices, fell more than 4 percent.

“Although the markets had already reacted late last week when President Trump signaled that a deal was imminent, the actual confirmation encouraged another rally,” Khoon Goh, head of Asia research at ANZ, told Al Jazeera.

“The drop in oil prices will provide relief to central bankers around the world who are worried about rising inflation.

US President Donald Trump announced the ceasefire agreement on television on Sunday, saying he agreed to the free reopening of the Strait of Hormuz and the immediate lifting of the US military blockade on Iranian ports.

“Trains of the World, start your engines,” Trump wrote on Truth Social. “Let the oil flow!”

Iran’s Supreme National Security Council and Iran’s Deputy Foreign Minister Kazem Gharibabadi later confirmed that the parties had concluded an agreement.

More to follow…