Oil prices fell sharply and Asian stock markets rose on hopes of a deal that could end the war between the US, Israel and Iran.

On Saturday, US President Donald Trump said a deal with Tehran had been “largely negotiated” and that details would be announced soon, but a day after he urged his negotiating team not to rush into reaching

On Monday morning in Asia, global benchmark Brent crude fell 5.5% to $97.90 (72.64 pounds), while U.S.-traded crude fell 5.8% to $90.99.

Trump had previously said the deal would include reopening the strategic Strait of Hormuz sea route, without elaborating. details.

This narrow waterway, through which about a fifth of the world’s oil and liquefied natural gas (LNG) normally passes, has been virtually closed since the conflict began on February 28.

Japan’s Nikkei 225 stock index rose above 65,000 for the first time after gaining 2.9% on hopes that the strait would reopen on soon.

Japan, like neighboring South Korea, has been particularly affected by the conflict, as it depends heavily on energy from the Gulf.

Energy and financial markets in the UK and US are closed on Monday for public holidays.

Source: prizrenpost