Global stocks rally, oil falls after Trump's possible end to Iran war remarks

Global stock markets rose and oil prices dropped on March 10 following remarks from US President Donald Trump suggesting the war with Iran could be “over soon.”

Trump’s comments injected optimism into markets, despite mixed signals on the conflict’s timeline and a warning that the U.S. could strike Iran more aggressively if the country blocked oil and gas exports, Reuters reports.

On the Iranian side, the Islamic Revolutionary Guard Corps (IRGC) said a blockade of oil exports would continue until U.S. and Israeli attacks cease.

“The strong market reaction to Trump’s remarks really does highlight how the markets are literally hanging on every word he says,” said Fiona Cincotta, senior market analyst at City Index.

Europe’s main stock index rose 1.5% shortly after 1300 GMT, rebounding from three consecutive days of losses. In Asia, the broadest index of shares outside Japan gained around 3.2%.

Oil prices fell as much as 11% to below $88.05 per barrel at one point before partially recovering, remaining about 5.6% below the closing levels on March 9.

By Sabina Mammadli