Oil prices experienced a significant drop and Asian stock markets rallied Monday amid optimism that a peace deal between the United States and Iran could soon be reached, potentially ending a conflict that has disrupted global energy flows.

Global oil benchmark Brent crude fell by 5.5% to $97.90 a barrel, while US-traded crude was down 5.9% at $90.93. The developments followed statements from US Secretary of State Marco Rubio, who indicated during a visit to India that negotiators have a "pretty solid thing on the table" and an agreement to end the conflict might be finalized soon.

US President Donald Trump had previously stated that any deal would include the reopening of the critical Strait of Hormuz, a narrow waterway through which approximately one-fifth of the world's oil and liquefied natural gas (LNG) typically transits. The strait has been effectively closed since the conflict began on February 28.

The Nikkei 225 stock index in Japan surged past 65,000 for the first time, gaining 3%, driven by expectations of the strait's reopening. Nations like Japan and South Korea, heavily reliant on energy imports from the Gulf, have been particularly affected by the conflict's impact on shipping routes.

"We're still a work in progress," Rubio commented from Delhi on Monday, adding that while news was anticipated the previous night, "Maybe today." His remarks came after President Trump had earlier suggested a deal was close, though he later instructed negotiators not to rush the process.

On Saturday, Trump shared on social media that he had a productive conversation with leaders from Saudi Arabia, the United Arab Emirates, and Qatar regarding a "Memorandum of Understanding pertaining to PEACE." He indicated that an agreement had been largely negotiated, pending finalization among the United States, Iran, and other involved nations, with final details expected to be announced shortly.

Trump also reported a positive call with Israeli Prime Minister Benjamin Netanyahu. While specific details of the potential agreement remain undisclosed, the US President has consistently emphasized that any accord would strictly prevent Iran from acquiring nuclear weapons. However, he cautioned on Sunday via Truth Social, "Both sides must take their time and get it right. There can be no mistakes!"

Earlier, Iranian foreign ministry spokesman Esmaeil Baqaei told state television that US and Iranian positions had been converging, suggesting progress in diplomatic efforts. The potential reopening of the Strait of Hormuz is seen as a key factor in stabilizing global energy markets and easing economic pressures on import-dependent nations.