The stock market had an increase in prices, and Oil's price dropped sharply at the Asia open on Wednesday after the US and Iran reached a two-week ceasefire and Iran agreed to open the strategic Strait of Hormuz for shipping.
Oil prices fell significantly; the US benchmark used for calculating prices of oil from North America was down $16.56 (-16.56 percent) at $96.39 per barrel while Brent Crude was down $15.89 (-15.89 percent) at $93.38 per barrel.
In the equity markets, Japan's Nikkei 225 index was up 4.38 percent to 55,771.56 and South Korea's Kospi index gained 5.71 percent to 5,808.65.
“The return of buying interest in Japan’s stock market is likely to occur now that the fear of escalation has diminished,” according to Tokai Tokyo Securities prior to the Tokyo opening bell.
Iran made a commitment on Friday to participate in US-Iran negotiations on ending hostilities beginning this Friday in Pakistan after engaging in over one month of military actions conducted by the US and Israel against Iran.
"Subject to the Islamic Republic of Iran agreeing to the COMPLETE, IMMEDIATE, and SAFE OPENING of the Strait of Hormuz, I agree to suspend the bombing and attack of Iran for a period of two weeks," Donald Trump wrote on his Truth Social media platform.
Abbas Araghchi, Iranian Foreign Minister gave confirmation to the media regarding safe movement of all vessels through the Strait of Hormuz over the next two weeks. The Strait of Hormuz is half of the World Economy due to movement of oil and other energy products.
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Iran had closed off this area to all shipping since it declared war against the Western Nations on the 28th February.
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Trump said: "I agree to suspend the bombing and attack of Iran for a period of two weeks... subject to the Islamic Republic of Iran agreeing to the COMPLETE, IMMEDIATE, and SAFE OPENING of the Strait of Hormuz".
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“Tehran will agree to a ceasefire” "if attacks against Iran are halted", adding that safe passage through the Strait of Hormuz "will be possible". Abbas Araghchi said.