Oil prices fall, Asian stock markets on the rise

The leading stock indices in Japan and South Korea have risen significantly following the agreement between the U.S. and Iran. The Japanese Nikkei 225 rose by 5.3 percent in the two hours after the market opened (11:30 a.m. local time), while the South Korean Kospi rose by 5 percent at the same time.

Markets in China and Hong Kong also rose, albeit less sharply: The Shanghai Composite was up 1.1 percent about 30 minutes after the market opened, while the Hang Seng Index in Hong Kong gained 0.8 percent.

At the same time, oil prices fell significantly. A barrel (159 liters) of Brent crude oil for August delivery cost $83.60 early Monday morning. That is about 4.2 percent less than the previous day.

According to U.S. President Donald Trump, the framework agreement between the U.S. and Iran provides, among other things, for the complete reopening of the Strait of Hormuz. The strait, which was closed during the Iran War, is of crucial importance for the export of oil and liquefied natural gas from the resource-rich states in the Persian Gulf.