US-Iran ceasefire: Markets surge as oil and gas prices fall
The Brussels stock exchange surged 3 per cent higher at the opening of trading on Wednesday morning, following the announcement of a ceasefire between the US and Iran.
Markets across Asia also rose in response to the two-week ceasefire in the Middle East. Oil and gas prices, by contrast, fell sharply. The agreement is expected to lead to the reopening of the Strait of Hormuz, a crucial shipping route.
The Nikkei in Tokyo climbed by over 5 per cent and the Kospi in Seoul rose by more than 7 per cent. Japan and South Korea are heavily reliant on oil and gas imports from the Middle East via the Strait of Hormuz. The Hang Seng in Hong Kong rose by nearly 3 per cent and the Shanghai stock market gained almost 2 per cent.
European gas prices fell by around 20 per cent at the open on Wednesday. Shortly after trading began, the Dutch TTF futures contract, considered the European benchmark, plunged by 19.24 per cent to 43 euros, having briefly fallen by more than 20 per cent to 42.50.
US president Donald Trump announced on his Truth Social platform that he had agreed to “suspend the bombing and attack of Iran for a period of two weeks”. He had previously issued an ultimatum to Tehran regarding the reopening of the Strait of Hormuz, threatening large-scale attacks on Iranian civilian infrastructure.
Currency dealers monitor exchange rates at the Hana Bank headquarters in Seoul, 8 April 2026 © PHOTO JUNG YEON-JE / AFP
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