Asian stocks rally as Shehbaz Sharif reports US Iran deal
Asian stocks rallied on Monday after the US and Iran struck a tentative peace agreement, according to Pakistan's Prime Minister Shehbaz Sharif.
The deal included opening the Strait of Hormuz, a major route for global oil shipments.
Oil prices quickly fell, with Brent crude down 4% to $83.80 a barrel and US crude sliding 4.7% to $80.89.
Oil drop lifts Asian markets
Lower oil prices gave Asian markets a boost: Japan's Nikkei surged 3%, South Korea's market climbed 4.3%, and the MSCI Asia-Pacific index rose 1.5%.
Even European and US futures saw gains.
With energy costs easing, inflation worries are cooling off just as central banks like the Federal Reserve get ready for big policy meetings this week.
Interest rates are expected to stay steady at the Federal Reserve and the Bank of England, while Japan is considered likely to raise rates.