European stock markets opened higher after the US president said the conflict would "end very soon".
6 minutes ago
Osmond ChiaBusiness reporter
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Oil prices briefly fell below $100 a barrel and shares opened higher in Europe on Wednesday after President Donald Trump said the US will leave Iran in "two to three weeks" regardless of whether a deal is struck with Tehran.
Brent crude ticked down to $98.65 before inching back up to $101 following Trump's pledge and ahead of a speech this evening when he will "provide an important update on Iran".
In the UK, the FTSE 100 index rose 1.3%. In Germany, the Dax traded 2.1% higher and France's Cac added 1.8%.
Since the US-Israel war with Iran, oil and gas prices have soared after Tehran threatened to attack vessels using the Strait of Hormuz, effectively shutting the key shipping route.
On Wednesday, QatarEnergy said a fuel oil tanker the company leased had been "the subject of a missile attack" in the early hours of the morning.
It said none of the crew members on board had been injured and there is no impact on the environment as a result of this incident.
Qatar's Ministry of Defence said Iran had fired three cruise missiles, two of which were intercepted while the third hit the tanker.
Speaking from the Oval Office on Tuesday, Trump said Iran is "begging to make a deal" but whether it happens or not is "irrelevant" to America's timetable.
Earlier, Iranian President Masoud Pezeshkian said his country has the "necessary will" to put an end to the war but demanded certain guarantees to prevent the recurrence of any future aggression.
Shares had also jumped in Asia. Japan's Nikkei 225 index closed 5.2% higher, while the Kospi in South Korea ended up 8.4%.
Japan and South Korea have been hit particularly hard by the conflict as they are heavily reliant on energy from the Middle East.
Financial markets in both countries swung sharply in recent weeks as investors react to developments in the war.
Oil prices have surged as much as 64% in March - when they reached nearly $120 a barrel - in the biggest monthly gain since 1990 when Iraq's invasion of Kuwait took both countries' oil off the market, resulting in an energy supply shock, said Nicolas Daher from the Economist Intelligence Unit.
The latest spike in prices has been driven by expectations that the conflict will continue until at least the end of April, Daher said.
Oil refiners are also bidding more aggressively for crude as they try to boost production as markets around the world are hit by shortages of jet fuel and diesel, said Ole Hansen from Saxo Bank.
The fighting has continued in the Middle East. Lebanon's capital Beirut was hit on Tuesday by airstrikes, with Israel's military saying it was targeting a senior Hezbollah figures.
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