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.
The price of North Sea Brent crude and West Texas Intermediate slipped close to five percent to $99.41 and $92.49 a barrel respectively.
The United States and Iran appear closer than ever to a deal that would end the war that has ravaged the Middle East since late February, sending energy prices soaring and stoking global inflation.