Investing.com -- Airline stocks traded higher on Monday as oil prices declined following news of a peace agreement between the United States and Iran.

Delta Air Lines added 4.2%, while American Airlines rose 4.3% and Southwest Airlines gained 3.6%. Alaska Air climbed 7%, JetBlue Airways jumped 9.2%, and United Airlines gained 6%.

The two countries reached an interim peace deal that would conclude a conflict lasting more than three months. A memorandum of understanding is scheduled to be signed in Switzerland on Friday.

Oil prices fell approximately 5% on Monday after the announcement, with West Texas Intermediate crude futures briefly dropping below $80 per barrel.