U.S. markets will also be closed Monday for Memorial Day. European stocks notched their highest levels since March 2 on Monday as hopes for a deal between the U.S. and Iran rose over the weekend. The pan-European Stoxx 600 was over 0.8% higher shortly after 1:30 p.m. in London, reaching levels not seen since the U.S. and Israel began a joint assault on the Islamic Republic over 2 months ago. France’s CAC 40 and Germany’s DAX added 1.8% and 1.6%, respectively. Trading volumes are thinner as the U.K.’s FTSE 100 is closed for a public holiday. Japan’s Nikkei 225 breached 65,000 for the first time Monday, hitting a record high in holiday-thinned Asia trading after reports that the crucial Strait of Hormuz may reopen soon pushed oil prices down and lifted investor sentiment. Japan’s Nikkei 225 ended Monday’s session at 2.87% higher at 65,158.19 after hitting an intraday record, while the Topix added 1.29% at 3,942.57. Taiwan’s Taiex ended 3.26% higher at 43,644.40 after hitting an all-time high. Australia’s S&P/ASX 200 rose 0.40% to 8,692. China’s CSI 300 added 1.58% to 4,921.6, while India’s Nifty 50 rose 1.09%. Markets in Hong Kong and South Korea are closed for public holidays. Crude oil prices fell 5% Monday after President Donald Trump indicated that talks with Iran to reopen the Strait of Hormuz are advancing, though he said the U.S. would not rush a deal. West Texas Intermediate futures were down about 5.8% to $90.95 per barrel as of 7:35 a.m. ET. International benchmark Brent futures also lost around 5.8% to $97.60 per barrel. U.S. crude oil lost more than 8% last week and Brent tumbled more than 5%, after Trump said he called off imminent airstrikes against Iran to allow more time for negotiations. Prices have surged more than 30% since the U.S. and Israel attacked Iran on Feb. 28. Gold prices rose more than 1% ‌on Monday, as optimism for a breakthrough in U.S.-Iran peace negotiations weakened the dollar and eased oil prices, which softened the inflation outlook. Spot gold was up 1.1% at $4,559.07 per ounce, as ​of 0736 GMT. U.S. gold futures for June delivery gained 0.8% ​to $4,559.80.