Asian stock markets jumped today following the announcement of a two-week ceasefire between the United States and Iran. Oil prices fell sharply following the de-escalation of military tensions in the Middle East and the promised reopening of the Strait of Hormuz.

Japan’s Nikkei 225 led the rally with a 5.28% surge, up by 2,822.44 points, while South Korea’s KOSPI rose 5.61% or by 308.11 points. India’s GIFT NIFTY also climbed over 3% to reach the 23,841.00 level.

Other regional indices, including the Hang Seng and Taiwan Weighted, saw gains of 3.04% or 763.47 points, and 3.72% or 1234.69 points, respectively.

The ceasefire also triggered a massive sell-off in the energy sector. Brent Crude plummeted 13.04% to trade at 95.02 US dollar per barrel, while US Crude Oil dropped 13.76% to 97.41 US dollars. On the other hand, Gold surged by 100.45 points or 2.13%.