Asian Markets Rise Amid Oil Price Drop as US-Iran Tensions Ease

Oil prices dropped by more than 4% on Monday as the US and Iran refrained from fighting while discussing a possible resumption of negotiations on an interim ceasefire deal.

The decline in oil prices had little impact on Asian markets, which were mostly higher. One notable exception was the Shanghai market, where Chinese chipmaker CXMT made a strong debut, leading to gains for other Asian shares.

The US and Iran's decision not to engage in conflict helped stabilize global oil prices, but analysts warn that tensions between the two countries remain high.