Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it’s investigating the financials of Elon Musk’s pro-Trump PAC or producing our latest documentary, ‘The A Word’, which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Read more
Share prices soared Monday in Asia after a deal was announced on ending the Iran war and reopening the Strait of Hormuz.
Benchmarks in Tokyo and Seoul gained more than 5% early Monday. Oil prices fell more than $3 a barrel.
The future for the S&P 500 was up 1% and that for the Dow Jones Industrial Average gained 0.8%, auguring early gains for Wall Street.
U.S. President Donald Trump confirmed the initial agreement and authorized an end to the U.S. naval blockade of Iranian ports. But it may take months for oil prices to stabilize after the disruptions from the war caused them to surge, pushing costs up gasoline and many other products.
Still, the news was a huge relief for markets that have been roiled by the conflict.
In Tokyo, the Nikkei 225 gained 5.1% to 69,367.06, while the Kospi in Seoul led regional gains, surging 5.6% to 8,577.62.
In Australia, the S&P/ASX 200 advanced 1.4% to 8,930.50. Taiwan’s Taiex was up 2.6%.
U.S. stocks rose Friday after oil prices fell again, and SpaceX soared in its highly anticipated debut on Wall Street.
On Friday, the S&P 500 added 0.5% to close out its 10th winning week in the last 11. The Dow Jones Industrial Average climbed 353 points, or 0.7%, and the Nasdaq composite gained 0.3%.
The deal on ending the war offers relief to the global economy more than three months since fighting began, though details were not immediately available.
Iran confirmed the agreement but signaled that implementation would not start until a signing that Pakistan said would be held Friday in Switzerland.
Broader negotiations on issues like Iran’s nuclear program are expected to continue over the next 60 days.
