Oil prices have fallen sharply and Asian stock markets have risen on hopes of a deal that could bring an end to the US-Israel war with Iran.
On Monday morning in Asia, global oil benchmark Brent was down by 5.5% at $97.90, while US-traded crude was 5.8% lower at $90.99.
Trump had previously said the deal would include the reopening of the key Strait of Hormuz shipping route, without giving further details. The narrow waterway, through which around a fifth of the world's oil and liquefied natural gas (LNG) usually passes, has been effectively closed since the conflict started on 28 February.
The Nikkei 225 stock index in Japan rose above 65,000 for the first time after gaining 2.9% on hopes that the strait would soon reopen. Japan, like nearby South Korea, has been particularly impacted by the conflict as they are heavily reliant on energy from the Gulf.
Trump said on social media on Saturday that he had a "very good call" with the leaders of Saudi Arabia, the United Arab Emirates, Qatar, and others about a "Memorandum of Understanding pertaining to PEACE". He also said he had a call on Saturday with Israeli Prime Minister Benjamin Netanyahu, which "went very well".
The president did not give any further details on the deal, but has insisted any agreement would "absolutely" prevent Iran from obtaining a nuclear weapon.
While crude oil prices have fallen sharply today they remain significantly higher than before the war. In the lead up to the conflict Brent was trading at around $70 a barrel.