On Monday in Asia, global oil benchmark Brent was down by 5.5% to $97.90 (£72.64) a barrel, while US-traded crude was 5.9% lower at $90.93.

📻 Breaking It Down

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.

US Secretary of State Marco Rubio said during a visit to India that negotiators have “a pretty solid thing on the table” and an agreement to end the conflict may be reached on Monday.

On Monday in Asia, global oil benchmark Brent was down by 5.5% to $97.90 (£72.64) a barrel, while US-traded crude was 5.9% lower at $90.93.

📌 What You Need to Know

US President Donald 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.

“We’re still a work in progress. As I said, you know, we thought we might have some news last night. Maybe today,” Rubio said in the Indian capital, Delhi.

📰 Source: Capital FM Kenya