Oil Prices Plummet 5% Amid US-Iran Ceasefire

Oil prices plummeted over 5% on Monday as the US and Iran refrained from further conflict, sparking relief in global markets. The pause in hostilities led to a sharp drop in oil prices, with Brent crude falling 5.5% to $86.68 per barrel.

The decline in oil prices had a ripple effect on equities, with Asian shares largely rising across the board. Japan's Nikkei 225 gained 0.5%, while Hong Kong's Hang Seng climbed 1.1%. South Korea's Kospi advanced 1% and Australia's S&P/ASX 200 surged 1.4%.

However, not all markets were immune to the volatility. Taiwan's Taiex slipped 0.1% and India's Sensex added just 0.9%.

The biggest winner of the day was Chinese memory chipmaker CXMT, which soared about 470% in its Shanghai trading debut. The company's market capitalization jumped to an estimated 3.3 trillion yuan (nearly $490 billion), making it China's most valuable listed company.