Oil prices briefly dipped below $100 per barrel on Wednesday, while global stock markets rallied after Donald Trump said the US would pull back from Iran within “two to three weeks,” regardless of whether a deal is reached.
Brent crude fell to around $98 before climbing back above $100, as investors reacted to Trump’s comments and awaited further details in an upcoming address on Iran.
The news lifted markets across Europe. The UK’s FTSE 100 rose 1.3%, Germany’s DAX gained 2.1%, and France’s CAC 40 climbed 1.8%. Asian markets also saw strong gains earlier, with Japan’s Nikkei 225 and South Korea’s Kospi posting significant increases.
Oil and gas prices have surged in recent weeks amid the escalating US-Israel conflict with Iran, especially after threats to disrupt the Strait of Hormuz—a critical global shipping route.
Tensions remained high after a fuel tanker linked to QatarEnergy was hit by a missile, though no injuries or environmental damage were reported. Qatar’s defence officials said three missiles were launched, with two intercepted and one striking the vessel.
Speaking from the White House, Trump claimed Iran is “begging to make a deal,” but stressed that US timelines would not depend on negotiations.
Meanwhile, Masoud Pezeshkian said Iran is willing to end the conflict but is seeking guarantees to prevent future attacks.
The conflict has had a sharp impact on global energy markets. Oil prices surged as much as 64% in March, nearing $120 per barrel—the biggest monthly jump since the 1990 Gulf War.
Countries like Japan and South Korea, which rely heavily on Middle Eastern energy imports, have been particularly affected, with markets swinging in response to ongoing developments.
Despite the brief market relief, fighting continues across the region, underscoring the uncertainty still facing global energy supplies and financial markets.
