Iran Stands Down: Asian Markets Rally, Oil Prices Drop

Asian stock markets rose sharply on Monday. Oil prices fell at the same time. The moves came after Iran said it viewed its attack on Israel as concluded. Iran launched drones and missiles at Israel over the weekend. The attack caused little damage. On Sunday, Iran signaled it does not plan further strikes for now. Investors saw this as a de-escalation. The reduced risk of a wider Middle East war boosted market confidence. Japan's Nikkei index jumped over 1%. Stocks in South Korea and Australia also gained. The perceived lower threat also pushed down global oil prices. Brent crude fell nearly 1%. Oil had risen last week on fears the conflict would disrupt supply. Analysts warn the situation remains tense. However, the immediate market reaction was one of relief.