President Trump halted a planned third day of strikes on Iran Friday, saying a peace agreement could be signed by weekend. The move sent Brent crude down more than 1% to about $89 a barrel and West Texas Intermediate to roughly $87. Investors noted that Iran’s foreign ministry spokesperson warned nothing is finalized, keeping geopolitical risk in play, and could reshape regional energy markets.

Asian markets jumped as the oil retreat lifted risk appetite. South Korea’s benchmark KOSPI surged more than 8%, while Japan’s Nikkei rose close to 4%. Mainland China, Hong Kong and Taiwan posted broadly higher indices. The rally reflects heavy regional dependence on imported energy and the hope that a diplomatic breakthrough could ease supply‑chain pressures, amid concerns over lingering sanctions.

Domestic gasoline slipped two cents to a national average of $4.13 a gallon, according to AAA, while diesel settled at $5.28, both still up about 40% since the conflict began. The lag between crude and pump prices shows consumer fuel costs trailing market moves. With oil steadier, investors watch the Strait of Hormuz for any resurgence of shipping disruptions. Analysts expect modest volatility ahead.