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Asia-Pacific stock markets have jumped today, on relief that the oil price has fallen to its pre-Iran war levels.

Japan’s Nikkei has surged by 4.6%, while South Korea’s KOSPI is up over 6%.

Markets are in a buoyant mood this morning, with Brent crude oil prices finally back at their pre-conflict levels.

It comes as flows through the Strait of Hormuz have continued to ramp up, with the number of vessels getting through at its highest since the conflict started. And more broadly, the oil price decline has eased fears about a stagflationary shock and aggressive rate hikes to deal with any inflation.