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Asian stocks rallied Monday while oil prices tumbled after the U.S. and Iran agreed to a peace deal aimed at ending nearly four months of conflict.

The proposed deal will see the Strait of Hormuz opened, and the U.S. naval blockade lifted, in effect ending the conflict.

The agreement came after more than three months of stop-start negotiations and bouts of fighting since late February, roiling global energy and commodities markets.

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"The Deal with the Islamic Republic of Iran is now complete," Trump said in a Truth Social post.

The three major indexes are coming off a winning week.

The deal follows weeks of mixed messaging from both Washington and Tehran on the trajectory of the conflict.

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The president has sought to tie Sunday's event to larger, months-long celebrations of the 250th anniversary of the signing of the Declaration of Independence.

An initial deal to end the war and open the Strait of Hormuz was expected to be signed this week.