Tokyo, June 15 -- Investors welcomed the peace agreement reached between the US and Iranian negotiators as shares in Asia climbed, hoping for a durable peace in West Asia. Investors cheered the news of the reopening of the Strait of Hormuz, which has been blockaded due to the US-Iran conflict.

US President Donald Trump announced on Truth Social that a deal with Iran is now complete. The memorandum of understanding between the two sides is scheduled to be signed on Friday in Switzerland.

Oil prices reacted immediately to the peace agreement, sliding more than 4 per cent as Brent fell below USD84. Higher energy prices have rattled investors who feared that inflationary pressures would spark a round of interest rate hikes.

"Ships of the w...