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 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.

Indian stock markets remained closed on October 22 for the Bali Pratipada festival, as per the official NSE holiday calendar.