Oil prices declined Tuesday after Israel and Iran agreed to halt strikes against each other, easing fears of a broader regional conflict. The Brent crude benchmark fell nearly 2% to about $93 a barrel, while U.S. West Texas crude dropped more than 2% to around $89. Technology stocks rebounded across Asia with South Korea's KOSPI surging over 8%.

Markets responded positively to the de-escalation, with stocks in Japan and Taiwan jumping more than 2% and mainland China posting strong gains. In Europe, the Stoxx 600 rose 0.4%. Investors remain concerned about ongoing shipping disruptions in the Strait of Hormuz, a vital route that normally handles one-fifth of global oil supply despite the reduced tensions.

Gasoline prices held steady at $4.16 a gallon, up 40% since the war began, while diesel remained unchanged at $5.32, a 42% increase. Prices don't move in lockstep with crude, typically lagging changes by several days.