Asian shares rose on Wednesday after news of a US-Iran ceasefire, following gains in US stock index futures. Japan’s Nikkei 225 and South Korea’s Kospi each climbed more than 5% intraday.

South Korea’s Kospi rose about 5.8 per cent while Japan’s Nikkei 225 climbed roughly 5 per cent.

Australia’s S&P/ASX 200 advanced around 2.6 per cent, while Hong Kong’s Hang Seng rose about 2.6 per cent as trading resumed after a holiday. China’s CSI 300 also moved higher.

Donald Trump said on Truth Social he would pause planned strikes on Iran for two weeks if Tehran agrees to a complete, immediate and safe opening of the Strait of Hormuz. Iran said it accepted a two-week ceasefire, with talks due to start on Friday in Islamabad, Pakistan.

Iran’s Foreign Minister Seyed Abbas Araghchi said safe passage through the waterway would be possible for two weeks. Oil prices fell by more than 10% after the announcement.