Hopes of a possible deal to end the Iran war moved markets on Monday, sending oil prices sharply lower while Japan's benchmark Nikkei index climbed to a record high.
The price of a barrel (159 litres) of Brent crude, the global benchmark, dropped by just over 4% to $99.40.
However, US President Donald Trump dampened hopes of a swift breakthrough.
"The negotiations are proceeding in an orderly and constructive manner, and I have informed my representatives not to rush into a deal in that time is on our side," Trump wrote on his Truth Social platform on Sunday, referring to negotiations on a framework agreement to end the war with Iran.
Despite Trump's cautious comments, Japan's Nikkei index of 225 leading shares climbed above the key 65,000-point mark for the first time.
Around an hour and a half after the start of trading, it was up by a sharp 1,992.20 points, or 3.15%, at an interim level of 65,331.27.
