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FINWIRES

Japanese Stocks Jump on Iran Deal Hopes Even as Hormuz Blockade Takes Effect

-- Japanese equities soared at Tuesday's open, tracking Wall Street gains after U.S. President Donald Trump raised hopes for potential peace talks with Iran, even as a naval blockade of the strategic Strait of Hormuz took effect.

The Nikkei 225 surged 582.9 points or 1% to open at 57,085.65.

Oil prices retreated slightly on the news, with Brent crude falling 1.9% to $97.46 a barrel.

Trump claimed Iran had reached out to his administration regarding negotiations, but with Tehran yet to confirm any talks, investors remain cautious.

The blockade represents Trump's latest effort to pressure Iran over the strait, a critical chokepoint through which roughly one-fifth of global oil and liquefied natural gas flows.

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