The rand and the JSE were among the beneficiaries of news that the US and Iran have agreed to a peace deal which includes the reopening of the Strait of Hormuz.By 10am on Monday, the JSE’s all-share index was up more than 3%, boosted by strong gains in resources and mining stocks.The rand was trading at R16.16 to the US dollar, more than three-quarters of a percent stronger, as the greenback fell to its lowest level in 10 days.Gold rose more than 2% after US and Iran officials said they had reached an initial agreement to end their war, pushing oil prices lower and easing concerns about inflation and higher interest rates, Reuters reported.The price of platinum jumped 3.9% to $1,778.50/oz, while that of palladium was 4% higher at $1,343.75.Reuters reported US and Iranian officials said on Sunday they had a framework to end their war, halt the US blockade of Iran and reopen the Strait of Hormuz.The pact will be officially signed on Friday in Switzerland, Pakistani Prime Minister Shehbaz Sharif said in a post on X.Spot gold climbed 2.3% to $4,318.95/oz, and oil was down more than 4.5%, with Brent crude last trading at $83.36 a barrel.The main contributors to the JSE’s gains were precious metals and mining stocks, with the index up 8.35%.Unsurprisingly, mining stocks dominated the best performers, with Impala Platinum and Valterra both up more than 10%, while gold miners Harmony and Sibanye both advanced more than 9%.