Nikkei added 0.8% to hit a new record for the fifth straight session, extending its weekly gain to 8.5%, while South Korea jumped 3.1%, adding to its weekly rise of 15.3%

Shares jumped to record highs in Japan and South Korea on Friday as peace in the Middle East with the reopening of the Strait of Hormuz pulled oil prices even lower and eased inflation fears.

The yen hit the weakest level in two years and intensified speculation that Japanese authorities might have to intervene soon and stem the currency’s slide.

Oil tankers have started sailing through the Strait of Hormuz after US lifted its blockade on Iran on Thursday as an interim deal to end the three-month war took effect. Brent crude futures declined 1% on Friday to $79.03 a barrel, and were down 9.5% for the week.

Share markets have had a blockbuster week. Nikkei added 0.8% to hit a new record for the fifth straight session, extending its weekly gain to 8.5%. South Korea jumped 3.1%, adding to its weekly rise of 15.3%.

Mainland China and Hong Kong’s stock markets are closed for the Dragon Boat Festival holiday. Taiwan was also on holiday.

Despite market optimism about the resumption of oil flows through the Strait of Hormuz, analysts cautioned that Iran was unlikely to relinquish control over the strait.

Future governance of the Strait will be led by Iran and Oman, creating scope for Iran to impose a ’maritime service’ fee, said Madison Cartwright, a senior geo-economics analyst at the Commonwealth Bank of Australia.

It undermines international norms on free navigation and sets a precedent that could be followed by others, Cartwright said.

Elsewhere, U.S. stock futures slid 0.2% after the rally overnight. Intel’s shares climbed 10% to a record high after U.S. president said iPhone maker Apple had agreed to work with Intel to design and manufacture its chips in the U.S.