Sensex and Nifty jump 1% as US-Iran ceasefire hopes ease oil worries

The U.S. and Iran said they reached a new ceasefire agreement that would end a U.S. blockade of Iranian ports and reopen the Strait of Hormuz. Brent crude futures fell more than 5% on Monday to $85.8 a barrel. India’s Nifty and Sensex climbed 1%, led by realty, consumer durables and auto stocks, while the India VIX eased to 14.4. The development signaled a material easing in geopolitical tensions and reduced fears of an oil supply disruption.