Markets rally, oil tumbles after US-Iran deal announcement Stock markets across the Asia-Pacific region rallied sharply on Monday after the United States and Iran confirmed an agreement aimed at ending the conflict between Washington, Israel and Tehran.Japan’s Nikkei 225 rose more than 5 percent in early trading, while South Korea’s KOSPI gained 5.7 percent. Taiwan’s TAIEX advanced 2.7 percent, and Australia’s S&P/ASX 200 climbed about 1.5 percent.Investor optimism also lifted US stock futures, with contracts tied to the S&P 500 and Nasdaq Composite rising about 1 percent and 1.6 percent respectively.Meanwhile, oil prices fell as concerns over disruptions to energy supplies eased. Brent Crude dropped more than 4 percent to around $83.70 a barrel following confirmation that the agreement includes the reopening of the Strait of Hormuz, a key route for global oil shipments.