Investing.com -- Shares of Latin American airlines climbed on Monday after oil prices declined following news of a U.S.-Iran peace agreement.

LATAM Airlines rose 5.4%, while Copa Holdings gained around 2.6%. Mexico-based carriers Grupo Aeromexico and Volaris climbed 4.67% and 5.2%, respectively. Brazil's Azul advanced nearly 6%.

The U.S. and Iran pver the weekend reached an interim peace deal that would potentially end a war lasting more than three months. Both countries said the Strait of Hormuz, a key passage for oil trade in the Gulf region, will reopen without tolls.