On Sunday, June 14, foreign media reported that the United States and Iran have reached an agreement on a framework to end the war, reopen the Strait of Hormuz, and lift the U.S. naval blockade. Currently, both sides have agreed to meet in Switzerland on June 19 to officially sign the deal. While the exact wording of the deal has yet to be announced, it does not address the fate of Iran’s nuclear program, which is likely to be determined in future negotiations.

Oil prices dropped after the news broke on Sunday, as multiple countries welcomed an end to the war. In a joint statement, the UK, France, Germany, and Italy stated they are also prepared to lift sanctions against Iran, pending the fate of the country's nuclear program.

The statement said the countries would work closely with Iran, the United States, and the International Atomic Energy Agency (IAEA) to be sure Iran never possesses a nuclear weapon, according to Reuters.

In Taiwan, the stock market rallied in the morning, rising over 1200 points to a high of nearly 45,450 following the news. Japanese and South Korean stock markets also went up, reflecting optimism among global investors and hopes for a possible reduction of global risk.