Asian stock markets surged on Monday as oil prices dropped significantly following a preliminary peace deal between the United States and Iran.

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Asian shares rallied sharply in Wednesday morning trading as oil prices tumbled following a two-week ceasefire agreement between the U.S. and Iran, which includes reopening the Strait of Hormuz.

Asian shares and U.S. futures rose on Tuesday following a strong finish on Wall Street.

Asian shares were mixed on Monday following a subdued post-Christmas session on Wall Street, even as tensions over Taiwan intensified. U.S. futures were largely unchanged.

U.S. futures edged lower while Asian shares showed mixed performance on Friday, with Tokyo’s Nikkei 225 trading near record highs.

Asian stock markets mostly advanced on Wednesday after the benchmark S&P 500 closed at another record high, supported by data showing the U.S. economy expanded at a stronger-than-expected 4.3% annual rate from July through September.

Shares climbed in Asia on Monday, and U.S. futures rose after a rebound in AI-related stocks, including Nvidia, fueled a rally on Wall Street.

Shares fell across Asia on Tuesday, while U.S. futures also declined ahead of key U.S. employment and inflation reports that could influence the future path of interest rates.

Shares in Asia declined on Monday after China reported a drop in investment for November, signaling continued weakness in demand in the world’s second-largest economy.