Oil falls, Asian stocks climb on hopes of US-Iran Hormuz deal

AI Summary

Oil prices fell nearly five percent as US and Iran appear close to a deal to open the Strait of Hormuz, raising hopes for stability in the Middle East. Asian stocks climbed on optimism about the reduced risk of conflict and lower energy prices easing global inflation.

Oil prices fell and Asian stocks climbed on Monday over hopes a deal between the United States and Iran to open the Strait of Hormuz could be brokered. The price of North Sea Brent crude and West Texas Intermediate slipped close to five percent to $99.41 and $92.49 a barrel respectively. The United States and Iran appear closer than ever to a deal that would end the war that has ravaged the Middle East since late February, sending energy prices soaring and stoking global inflation.