Oil prices have fallen sharply and Asian stock markets have risen on hopes of a deal that could bring an end to the US-Israel war with Iran.
On Saturday, US President Donald Trump said an agreement with Tehran had been “largely negotiated” and details would be announced soon but the following day urged his negotiating team not to rush a deal.
On Monday in Asia, global oil benchmark Brent was down by 5.5% at $97.90 (£72.64), while US-traded crude was 5.9% lower at $90.93.
Trump had previously said the deal would include the reopening of the key Strait of Hormuz shipping route, without giving further details.
The narrow waterway, through which around a fifth of the world’s oil and liquefied natural gas (LNG) usually passes, has been effectively closed since the conflict started on 28 February.
The Nikkei 225 stock index in Japan rose above 65,000 for the first time after gaining 3% on hopes that the strait would soon reopen.
Japan, like nearby South Korea, has been particularly impacted by the conflict as they are heavily reliant on energy from the Gulf.
UK and US energy and financial markets are closed on Monday for public holidays.