Asian stock markets are trading mostly higher on Monday, following the broadly positive cues from Wall Street on Friday, amid optimism about a potential peace deal between the US and Iran to see a permanent end to the Middle East conflict after senior US officials indicated over the weekend that both countries were nearing an agreement that could reopen the Strait of Hormuz. Traders also look to cash in on recent gains. Asian markets closed mostly higher on Friday.
Both sides are reportedly still negotiating key terms of the peace deal, and final approval from both sides is expected to take several days. Secretary of State Marco Rubio claimed the U.S. and Iran have made "some progress" in negotiations to end the war.
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