Crude prices, however, jumped on lingering worries about the closure of the strategic Strait of Hormuz.TOKYO: Equities rallied and oil tumbled on Wednesday (Apr 1) after United States President Donald Trump said the Middle East war would be over in up to three weeks and his Iranian counterpart said Tehran had “the necessary will” to bring it to an end.
The remarks came as the economic impact of the conflict worsens, with average US gasoline prices topping US$4 a gallon for the first time in four years this week, European inflation spiking and governments unveiling a range of support measures.
Trump told reporters in the Oval Office the US would be leaving Iran “very soon”, perhaps within “two weeks, maybe three”.
“But we’re finishing the job,” he insisted.
“We want to knock out every single thing they have,” Trump said, before adding that “it’s possible that we’ll make a deal before that”.
The White House also said he would address the nation at 1am (9am, Singapore time) on Thursday “to provide an important update on Iran”.
Earlier, Iranian leader Masoud Pezeshkian told the head of the European Council the country had “the necessary will to end this conflict, provided that essential conditions are met – especially the guarantees required to prevent repetition of the aggression”.
Wall Street surged, with the Nasdaq up 3.8 per cent and the S&P 500 adding almost 3 per cent.
In Asia, Seoul – the standout before the war but among the worst-hit since it started – soared more than 8 per cent, while Tokyo piled on more than 5 per cent and Taipei more than 4 per cent.
Hong Kong, Shanghai, Sydney, Singapore, Mumbai, Bangkok, Manila and Jakarta were also sharply higher with London, Paris and Frankfurt.
And oil prices tumbled, with Brent at one point shedding more than 5 per cent – back below US$100 for the first time since last week – and West Texas Intermediate off more than 4 per cent.
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