BANGKOK (AP) — Share prices soared Monday in Asia after a deal was announced on ending the Iran war and reopening the Strait of Hormuz.

Benchmarks in Tokyo and Seoul gained more than 5% early Monday. Oil prices fell more than $3 a barrel.

The future for the S&P 500 was up 1% and that for the Dow Jones Industrial Average gained 0.8%, auguring early gains for Wall Street.

U.S. President Donald Trump confirmed the initial agreement and authorized an end to the U.S. naval blockade of Iranian ports.

Iran confirmed the agreement but signaled that implementation would not start until a signing that Pakistan said would be held Friday in Switzerland. Broader negotiations on issues like Iran’s nuclear program are expected to continue over the next 60 days.

In early trading Monday, the price of Brent crude oil, the international standard, fell $3.45 to $83.88 per barrel. U.S. benchmark crude lost $3.95 to $80.93 per barrel.

But it may take months for oil prices to stabilize after the disruptions from the war caused them to surge, pushing costs up gasoline and many other products. Energy experts said shipping and insurance companies will want to be confident the pact will hold, ensuring that oil and gas supplies will flow freely enough for the world’s needs to be met.

Still, the news was a huge relief for markets that have been roiled since the conflict began in late February.

The deal on ending the war offers relief to the global economy more than three months since fighting began.

Stocks rallied in Asia, where Tokyo’s Nikkei 225 gained 5.1% to 69,367.06 as the benchmark logged another record high.

The Kospi in Seoul led regional gains, surging 5.6% to 8,577.62.

In Australia, the S&P/ASX 200 advanced 1.4% to 8,930.50. Taiwan’s Taiex was up 2.6%.

U.S. stocks rose Friday after oil prices fell, and Elon Musk’s SpaceX soared in its highly anticipated debut on Wall Street.

On Friday, the S&P 500 added 0.5% to close out its 10th winning week in the last 11. The Dow Jones Industrial Average climbed 353 points, or 0.7%, and the Nasdaq composite gained 0.3%.

Elaine Kurtenbach, The Associated Press