Tokyo, May 25 -- Japanese stocks hit a record high on Monday as the Nikkei 225 surged past the record 65,000 mark for the first time as investors latched on to hopes of the Strait of Hormuz reopening after positive signals from the Trump administration on a peace deal with Iran.

Global crude oil prices fell 5%, driving Brent below the psychological $100 levels while the US dollar slid as investors rushed out of safe havens.

Trump had posted on his Truth Social platform that the talks with Iran were "proceeding in an orderly and constructive manner". He added that there is no rush to enter a deal with Iran and that time is on their side.

The US blockade will continue on the Iranian ships entering the Strait of Hormuz, Trump said, emphas...