Asian markets surged in early trading on Wednesday, April 8, after the United States and Iran agreed to a two-week ceasefire and Tehran announced it would reopen the Strait of Hormuz.

The Taiwan Stock Exchange’s index, Taiex, gained 4% and reached 34,558.48 points at around 10:00 A.M. on Wednesday, while Japan’s Nikkei 225 surged 4.38% to 55,771.56 and South Korea’s KOSPI rose 5.71% to 5,808.65 points. Prices of crude oil, which have been surging since the start of U.S.-Israeli attacks on Iran and Tehran’s retaliatory blockade of the Strait of Hormuz, began falling after the announcement.

Iran says it has agreed to hold talks with the U.S. in Pakistan on Friday, April 10, to find a way to end the conflict.