Stocks rallied and the US dollar fell in early Asia trading on June 5 after the United States and Iran announced a peace deal to re-open the Strait of Hormuz and lift a US blockade on Iran.

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Global oil benchmarks Brent crude and West Texas Intermediate fell by over 4%, while Asian stock markets like Japan's Nikkei and Australia's S&P/ASX 200 saw significant gains, indicating market optimism for renewed oil flows and reduced geopolitical tensions, though analysts expect a gradual return to normal for energy prices and traffic.