Global stocks rise and oil price slips amid hopes of US-Iran peace deal - business live

Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.

Asian stocks are rising today amid hopes of a US-Iran peace deal and the re-opening of the strait of Hormuz.

US president Donald Trump has circulated a draft peace agreement for the war with Iran among allies including Israel.

The draft is similar to the one that has been circulating around the Middle East, under which the strait of Hormuz would be opened to commercial shipping, the US blockade of Iranian ports would be lifted and Iran would be given access to as much as $12bn (£9bn) in frozen assets.

The aim would be for commercial shipping in the strait to return to pre-war levels within 30 days. Negotiations are expected to last as long as 60 days on the future of Iran’s nuclear programme.

Stocks are rising strongly in Asia, with the Japanese Nikkei up 2.65%, Hong Kong’s Hang Seng up 0.9% and the South Korean Kospi up 3.6%.

Some of the rally in Asia is being supported by enthusiasm for AI – shares in the chip making giant TSMC are up 2.6%, while Samsung Electronics and SK Hynix are up 6% and 0.6%, respectively.

The oil price has also slipped this morning. Brent crude, the international benchmark, is down by about 1% to $93.02 a barrel as investors weigh the impact of the potential reopening of the strait of Hormuz.

The agenda

• 7.45am BST: French inflation report

• 8.am BST: Spanish inflation report

• 9.20am BST: Andrew Bailey speech at the Reykjavik 2026 economic conference

• 1pm BST: Germany inflation report

• 1.30pm BST: Canadian Q1 2026 GDP