Oil prices tumbled and European stocks rose today after US President Donald Trump said the war with Iran could end within weeks.
International benchmark Brent North Sea crude fell five percent to $98.77 a barrel, and the main US oil contract WTI dropped around four percent to $97.28 a barrel.
The Frankfurt and Paris stock markets jumped more than two percent at the open, while London's FTSE 100 index gained 1.7%.
Europe's STOXX 600 jumped more than 2% today President rump's comments that the month-long conflict in the Middle East could come to an imminent end sparked a global equities rally.
The pan-European STOXX 600 index was up 2.4% to 596.76 points by 0713 GMT, with all major sectors in the green except energy.
Most major regional bourses traded around 2% higher, withGermany's DAX leading with a 2.7% rise.
Oil price-sensitive travel stocks jumped 4.2% and led sectors higher. Heavyweight banks climbed 3.9%.
Investor sentiment globally perked up after Trump said the end of the war on Iran could be near, with Washington signalling potential for both direct talks with Tehran's leadership and awinding down of the conflict even without a deal.
"We'll be leaving very soon," Trump told reporters at the White House yesterday, saying the exit could take place "within two weeks, maybe two weeks, maybe three."
Brent crude futures slid more than 5% and were last down at $99.07 a barrel. The STOXX energy index declined 0.7%
European shares have been under massive pressure since the US and Israel began airstrikes on Iran on February 28 due to the continent's heavy reliance on oil imports through the largely blocked-off Strait of Hormuz.
The STOXX index had fallen more than 10% from its record high at one point earlier in March, and finished the month with losses that were its biggest since June 2022.
Shares of sportswear makers such as Adidas and Puma were up more than 3.6% each. US- based rival had forecast a surprise drop in fourth-quarter sales.
