Stock markets across the Asia-Pacific region surged after Washington and Tehran announced an agreement to end the US-Israeli war against Iran.
Japan's Nikkei 225 jumped 4.5 percent shortly after Monday's opening bell, while South Korea's Kospi soared 5.7 percent. In Australia, the ASX 200 rose about 1.5 percent.
US stock futures, which trade outside regular hours, also gained, with the S&P 500 and Nasdaq Composite up roughly 1 percent and 1.6 percent, respectively.
Brent crude, the global benchmark for oil prices, fell more than 4 percent.
"Markets reacted late last week when President Trump signaled a deal was near, but with official confirmation, the rally has intensified," Khoon Goh, head of Asia research at ANZ, told Al Jazeera.
"Lower oil prices will bring relief to central banks around the world that were worried about inflation prospects. Now attention shifts to the US Federal Reserve, which decides on interest rates this week."
US President Donald Trump announced the ceasefire in a social media post on Sunday, saying he had authorized the reopening of the Strait of Hormuz free of charge and the immediate lifting of the US naval blockade on Iranian ports.
"Ships of the world, start your engines!" Trump wrote on Truth Social. "Let the oil flow!"
Iran's Supreme National Security Council and Iranian Deputy Foreign Minister Kazem Gharibabadi later confirmed that the parties had finalized the deal.
This is a developing story. More details to follow.
