Asian Markets Rally Amid US-Iran Ceasefire Talks

Oil prices plummeted 5% on Monday as markets breathed a sigh of relief after the U.S. and Iran refrained from fighting, sparking a possible resumption of negotiations for an interim ceasefire deal.

The pause in attacks came nearly two weeks after Iran fired at ships trying to transit the Strait of Hormuz, escalating tensions between the two nations.

As a result, Brent crude prices dropped 5.5% to $86.68 per barrel, while U.S. benchmark crude fell 6.1% to $83.89 per barrel.

In contrast, Asian markets rallied on Monday, with Japan's Nikkei 225 rising 0.5%, South Korea's Kospi advancing 1%, and Hong Kong's Hang Seng climbing 1.1%.

China's tech sector also saw significant gains, as shares in memory chipmaker CXMT soared approximately 470% on its Shanghai trading debut, making it China's most valuable listed company with an estimated market capitalization of 3.3 trillion yuan (nearly $490 billion).