Oil tumbles, shares rise as Trump claims Iran-Israel ceasefire
Tehran's foreign minister later denied there was any formal agreement, but did say the country would stop its attacks if Israel ended what he called its 'illegal aggression'.
International benchmark Brent crude was down over 2% in Asian morning trade, with similar falls for U.S. oil.
That added to a 9% plunge the day before, when Iran did a token retaliation against a U.S. base in Qatar and signalled it was done for now.
The news appeared to lift concern that Tehran could move to block the Strait of Hormuz waterway, through which about a fifth of the world's oil is moved.
However, Alexis Investment Partners President Jason Browne says the drop in prices may have been exaggerated:
"So again, a lot of that is people that maybe put on some hedges because they were worried that the prices were going to go up significantly and now they've got unwind those hedges. It's probably a little bit of an overreaction at the moment. So expect some volatility there, but we don't expect huge spikes.'
Tuesday saw shares rally as tensions eased.
Benchmark indexes in Tokyo and Hong Kong gained 1% or more, while South Korea's Kospi index jumped 2.5%.
Tech stocks led the gains in Japan, with chip gear maker Tokyo Electron up over 4%.
The more positive mood also saw money flow out of traditional safe havens, with gold down over 0.5% in Asian morning trade.
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