Oil prices fell more than 4% on Monday while Asian equities jumped after the United States and Iran said they had reached an agreement to end their war in the Middle East, according to RTHK, after mediator Pakistan said the sides agreed to a peace deal and an “immediate and permanent” end to military operations on all fronts, including Lebanon.

U.S. benchmark West Texas Intermediate was down 4.7% at US$80.89 a barrel, while Brent crude fell 4.03%.

Hong Kong’s Hang Seng Index rose 283 points, or 1.15%, to open at 25,001. Japan’s Nikkei 225 gained 5.1% to 69,367 for another record high, South Korea’s Kospi surged 5.6% to 8,577, and Australia’s S&P/ASX 200 advanced 1.4% to 8,930.

Energy experts said it could take months for oil prices to stabilise after disruptions from the war, as shipping and insurance firms seek confidence the pact will hold and supplies will flow freely enough to meet global needs.