Oil prices plummeted over 4% Monday as Asian stocks surged in early trade following a US-Iran peace deal. The US and Iran announced an agreement to end the Middle East conflict, with the US benchmark West Texas Intermediate down 4.70% at $80.89 a barrel and North Sea Brent Crude sinking 4.03%.
Japan's Nikkei 225 index jumped 4.99% and South Korea's Kospi index soared 5.54% after mediator Pakistan confirmed the deal. US President Donald Trump announced the immediate and permanent end to military operations, including in Lebanon, and the reopening of the vital Strait of Hormuz.
Iran stated that the agreement put an immediate end to the countries' war, but experts note that the deal is a first step and not a final peace settlement. The market will now wait for official verification, including the signing in Switzerland, mine clearance, and Israeli restraint.
