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Oil prices sharply retreated, while metals and stocks soared on Monday following U.S. President Donald Trump's remarks on Sunday that a deal with Iran would be signed on June 19 in Geneva to halt hostilities and reopen the key energy artery, the Strait of Hormuz.
Both the international benchmark Brent crude and the U.S. benchmark WTI dropped more than 5% at their intraday lows before settling at $83.5 and $80.8 per barrel, respectively, as of 5:50 a.m. GMT.
Across Asia, tech-heavy Japan's Nikkei 225 surged nearly 5% to a record high, while South Korea's Kospi also rose by around the same amount. Hong Kong's Hang Seng gained 0.6%, while China's Shanghai Composite advanced 1.2%.
European stock futures traded higher, with Euro Stoxx 50 futures up 1.6%, DAX futures rising 1.7%, and FTSE futures gaining 0.8%. In the U.S., futures tied to major stock indexes rose more than 1%, with the tech-heavy Nasdaq approaching a 2% gain.
Gold climbed back above $4,300, gaining 2%, while silver rose 3% to around $70 per ounce. Palladium and platinum also gained about 2.5%, reaching $1,300 and $1,750, respectively.
Bitcoin and Ethereum also gained more than 2%, reaching $65,820 and $1,720, respectively, while the total cryptocurrency market capitalization expanded by a similar amount.
Pakistani Prime Minister Shehbaz Sharif announced early Monday that the United States and Iran had reached an agreement following intensive negotiations, with both sides declaring an immediate and permanent end to military operations across all fronts, including Lebanon.
The announcement came after U.S. President Donald Trump said Sunday that a deal with Iran had been finalized and that he was authorizing the reopening of the Strait of Hormuz and the lifting of a U.S. naval blockade.
"The Deal with the Islamic Republic of Iran is now complete. Congratulations to all!" Trump wrote on Truth Social.
He added that he had authorized the reopening of the Strait of Hormuz and the immediate removal of the U.S. naval blockade, signaling the resumption of global shipping and energy flows through the strategic waterway.
The prospect of a U.S.-Iran agreement eased concerns over global inflation, as the reopening of the Strait of Hormuz is expected to restore millions of barrels of oil supply disrupted during three months of conflict.
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