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.

Markets globally surged as a tentative US-Iran peace deal emerged, promising to ease inflation and reduce the need for interest rate hikes. Oil prices plummeted on the news, with…