Trending 
Global stock markets rallied on Wednesday while oil prices declined after Donald Trump suggested the Middle East conflict could end within weeks, despite pushback from Iran over ceasefire claims.
On Wall Street, major indices closed higher, extending strong gains from the previous session. Across Europe, DAX in Frankfurt and CAC 40 in Paris both rose by more than two per cent, while London’s FTSE 100 gained 1.9 per cent.
Asian markets also posted sharp gains, with the Nikkei 225 climbing more than five per cent, Seoul surging more than eight per cent, and Chinese equities ending higher.
Oil prices, however, moved lower, with Brent crude for June delivery dropping 2.7 per cent after earlier falling by as much as five per cent. West Texas Intermediate declined 1.2 per cent.
Trump said the United States could conclude operations in Iran within “two weeks, maybe three,” and claimed Tehran was seeking a ceasefire—a statement denied by Iranian authorities. The White House added that he would address the nation with an update on the situation.
Market analysts said hopes of a ceasefire drove the rally. Tom Cahill of Ventura Wealth Management noted that markets had been “oversold” and were due for a rebound.
“When news came out about a potential ceasefire in the war in the Middle East, that obviously was the catalyst to drive the market higher,” he said.
Despite the optimism, the economic toll of the conflict is deepening. Average US petrol prices have exceeded $4 per gallon for the first time in four years, inflation has surged in Europe, and governments have introduced support measures.
Masoud Pezeshkian said Iran had the “necessary will” to end the war, provided assurances were given that hostilities would not resume. However, Benjamin Netanyahu insisted Israel would continue its military campaign, declaring that “we will continue to crush” the Iranian government.
Investors remained cautious as fresh strikes hit Tehran and an oil tanker near Qatar was struck by a missile.
