BANGKOK (AP) — Share prices soared Monday in Asia after a tentative deal was announced on ending the Iran war and reopening the Strait of Hormuz. Benchmarks in Tokyo and Seoul initially gained more than 5% early Monday. Oil prices fell more than $4 a barrel. The future for the S&P 500 was up 1% and that for the Dow Jones Industrial Average gained 0.9%, auguring likely 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. Iran confirmed it 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.In early trading Monday, the price of Brent crude oil, the international standard, fell $3.61 to $83.64 per barrel. U.S. benchmark crude lost $4.27 to $80.61 per barrel.
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. Energy experts said shipping and insurance companies will want to be confident the pact will hold, ensuring that oil and gas supplies will flow freely enough for the world’s needs to be met.
