Asian Markets Today: South Korea's Kospi Soars 7%, Japan's Nikkei Climbs 3% As Trump Calls Off Strikes On Iran

Asian markets cheered the de-escalation of the hotilities between US and Iran after US President Donald Trump signalled on Thursday that the US and Iran could soon sign a peace deal. South Korea's Kospi lead the gains as Asia-Pacific markets traded higher on June 12. The Kospi advanced 7.01% at open, while the small-cap Kosdaq added 3.25%. Japan's Nikkei 225 rose 3.4% while the Topix was 1.8% higher. Australia's benchmark S&P/ASX 200 was up 1.54%. Hong Kong Hang Seng index futures were last at 24,376, higher than the index's last close of 24,249.29.

 Oil prices fell on Friday, extending losses from the previous session after U.S. President Donald Trump canceled plans to strike Iran, reducing fears of an escalation of hostilities following tit-for-tat attacks earlier in the week. Brent futures fell $1.21 or 1.3% to $89.17 a barrel at 0042 GMT, while U.S. West Texas Intermediate (WTI) crude was $1.23, or 1.4%, lower at $86.48. On a weekly basis, Brent was 4.2% lower, while WTI was down 4.4%.

Trump on Thursday told reporters in the Oval Office that a deal between the U.S. and Iran would have a "signing soon, and the documents are in pretty final shape. It should be done and it should be done pretty quickly." The president added that under the deal, "Iran will never have a nuclear weapon." Equities had rallied earlier in the day, after Trump said in a Truth Social post that he had called off the strikes on Iran originally planned for Thursday evening.

US stocks rallied on Thursday, following a rebound in chip stocks and President Donald Trump signaling that the U.S. and Iran could soon sign a peace deal. The S&P 500 rose 1.75%, while the tech-heavy Nasdaq Composite gained 2.54%. The Dow Jones Industrial Average jumped 929.97 points, or 1.86%.

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