The gains came after Brent crude dropped nearly 5% to around $83 per barrel as investors welcomed signs of easing tensions in the Middle East and the potential reopening of the Strait of Hormuz, a key global oil transit route.

Market sentiment improved after US President Donald Trump announced that a peace deal with Iran had been completed. The agreement is expected to lead to the reopening of the Strait of Hormuz, through which nearly one-fifth of global oil shipments pass. Reports indicate that the deal could be formally signed later this week.

Lower crude prices are generally positive for airlines as aviation turbine fuel (ATF) is one of their largest operating expenses. A decline in oil prices can help reduce fuel costs and support profit margins, particularly for carriers with significant domestic and international operations.

Travel and tourism-related stocks also witnessed buying interest. Investors expect improved stability in global energy markets and lower fuel costs to support demand and profitability across the sector.