Global stock markets advanced on Monday while oil prices fell sharply after the United States and Iran reached a tentative agreement to extend their ceasefire and reopen the Strait of Hormuz, raising hopes of easing inflationary pressures and restoring the flow of crude oil.

Shares have soared in Asia after a tentative deal was announced on ending the Iran war and reopening the Strait of Hormuz.

(Bloomberg) -- Stocks rallied, oil slumped and the dollar fell after the US and Iran said they had reached a deal to reopen the Strait of Hormuz.

Asian shares climb with Japan’s Nikkei nearing record close

Major Wall Street indexes surged at the open on Monday following a preliminary agreement between Washington and Tehran to resolve the Middle East conflict and reopen the Strait of…