Japan’s Nikkei 225 benchmark index surged 4.5 percent shortly after markets opened on Monday, while South Korea’s Kospi jumped 5.7 percent.
Futures for US stocks, which are traded outside of regular market hours, climbed, with those tied to the benchmark S&P500 and tech-focused Nasdaq Composite up about 1 percent and 1.6 percent, respectively.
Brent crude, the primary benchmark for global oil prices, fell more than 4 percent.
“While markets had already reacted late last week when President Trump indicated that a deal was close, actual confirmation spurred a further rally,” Khoon Goh, the head of Asia research for ANZ, told Al Jazeera.
“The fall in oil prices will provide some relief for central banks around the world who were worried about the inflation outlook. Focus now turns to the US Federal Reserve, which decides on interest rates this week.”
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.
