Stock markets soar, oil falls as US, Iran confirm deal to end war

DEVELOPING STORYDEVELOPING STORY,

Asian stock markets surge as Washington and Tehran announce agreement to end hostiles and reopen Strait of Hormuz.

Asia’s major stock markets are surging following the announcement of a deal between Washington and Tehran to end the US-Israel war on Iran.

Japan’s Nikkei 225 benchmark index surged 4.2 percent shortly after markets opened on Monday, while South Korea’s Kospi jumped as much as 4.8 percent.

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Futures for Brent crude, the primary benchmark for global oil prices, fell more than 4 percent.

US President Donald Trump announced the ceasefire deal in a social media post on Sunday, saying he had authorised the toll-free reopening of the Strait of Hormuz and the immediate removal of the US naval blockade of Iranian ports.

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

Iran’s Supreme National Security Council and Iranian Deputy Minister of Foreign Affairs Kazem Gharibabadi later confirmed that the sides had finalised a deal.

More to follow…