The Philippine peso is headed for its best gain in a month as optimism over a US-Iran peace deal boosts prospects for further declines in oil prices.

The currency rose 0.8% to 60.79 per dollar on Thursday, the most since April 8, putting it on track to snap a three-week losing streak. Before the advance, it was Asia’s worst performer after the Indian rupee, as higher oil prices weighed on an economy almost entirely reliant on Middle Eastern energy imports.