Crude prices dropped and equities mostly advanced on Monday following Trump’s announcement that he was preparing for renewed negotiations with Iran aimed at ending the regional war.

Crude futures slid more than six percent, even though Iran denied that any negotiations were taking place and earlier truces have failed, Macau Business reported.

While tech stocks are still under pressure in Asia on concerns of over-investment, wider stock market indexes were mostly higher in New York and Europe as the lower oil prices raise the prospect of lower interest rates.

“Trump’s decision to restart talks with Iran has knocked a large chunk out of the oil-risk premium and given bonds room to rally,” said Patrick Munnelly, market strategist at the Tickmill Group.

Oil’s sharp fall “has eased the immediate inflation scare”, he said.