Stocks jump and oil drops as Trump renews hopes of Iran war ending

Following Trump's comments, the front month future contracts for oil also saw a sharp decline, with Brent crude and WTI both trading around 4% lower and below $100 a barrel. A survey by Japan’s central bank released on Wednesday showed that business sentiment among major manufacturers had improved despite concerns over the Iran war.

• The move comes after US stocks recorded their strongest day in almost a year on Tuesday, when the S&P 500 rose 2.9%, its largest gain since May.
• Despite the relief, markets are eagerly anticipating Trump's address to the nation about the conflict, which will occur overnight on Wednesday, according to the White House Press Secretary.
• Hong Kong’s Hang Seng index is also over 2% higher, while the Shanghai Composite has jumped around 1.5%.

Watch next: The move comes after US stocks recorded their strongest day in almost a year on Tuesday, when the S&P 500 rose 2.9%, its largest gain since May.