Global stocks and bond prices rose on Monday while oil prices fell after U.S. President Donald Trump said the United States and Iran had signed a preliminary agreement aimed at ending the Gulf conflict.

According to the disclosures cited, the agreement would extend a ceasefire announced in April by 60 days and reopen the Strait of Hormuz, though no detailed terms were released and both countries said a permanent truce still had to be negotiated.

Major equity benchmarks advanced, with the Dow Jones Industrial Average and the STOXX 600 reaching record closing highs, while the S&P 500 rose 1.7%.

Brent crude fell 4.8% to $83.17 a barrel, returning to levels seen in early March and remaining below the more than $100 reached weeks earlier. Reports also said oil futures settled at a three-month low as markets expected a reopening of the strait to restore crude flows and reduce pressure on global energy costs, even as uncertainty remained over when and how shipments would resume.