Asia’s stock markets surge, oil falls on hopes for US-Iran talks

What Happened

Asia's stock markets surged Tuesday following renewed hopes for US-Iran ceasefire talks. President Trump stated Iranian officials contacted his administration expressing willingness to negotiate. Japan's Nikkei rose 2.5 percent, South Korea's KOSPI gained 3.7 percent. Oil prices declined nearly 1.5 percent below $98 barrel. Wall Street S&P 500 finished up 1 percent overnight. The US imposed a naval blockade on Iranian ports despite market optimism.

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