Oil prices fell and Asian stocks climbed on Monday over hopes a deal between the United States and Iran to open the Strait of Hormuz could be brokered.

Sunday's market showed oil prices dropping after world leaders signaled that Washington and Tehran were close to reaching an agreement to end the war.

Trump said on Saturday that a deal would include the reopening of the Strait of Hormuz, without giving further details.

Emerging-market stocks and currencies rose as signs that the US and Iran were nearing a deal to reopen the Strait of Hormuz pushed oil prices below $100 per barrel and boosted risk appetite.

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Trump said on Saturday that an agreement would include the reopening of the Strait of Hormuz, without giving further details.

Trump had said an agreement with Iran to open the Strait of Hormuz, among other issues, was largely negotiated and would be announced soon.

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