New Delhi, May 25 -- Stocks surged on Monday as optimism about an impending US-Iran deal cooled crude prices and lifted markets worldwide. A 35 paise gain in the rupee and intense buying in financial stocks also bolstered sentiment, traders said.

Brent crude oil fell 5% to $94.5 per barrel after US President Donald Trump indicated significant progress toward a peace deal that would reopen Iran's Strait of Hormuz, a vital artery of global energy movement. While Trump later said the US will not rush into any deal, investors believe a resolution to the conflict is at hand.

The Nifty and Sensex rose 1.32% and 1.42% respectively on Monday, closing at 24,031.70 and 76,488.96, their highest close since 15 April. The Nifty crossed the 20-day si...