US President Donald Trump called off planned strikes and declared an Iran peace deal imminent on Thursday, 11 June 2026, sending global stock markets surging and oil prices lower.
Wall Street’s S&P 500 finished nearly 1.8% higher on Thursday, its biggest single-day gain since April, while the Nasdaq Composite jumped 2.5% and the Dow Jones Industrial Average gained about 1.9%, as reported by Al Jazeera.
The rally ended a three-day losing streak for the benchmark index.
What Trump said about the Iran peace deal
Speaking in the Oval Office, Trump told reporters:
“We just made a great settlement of the war with Iran… subject to finalisation of documents.”
The US president suggested the agreement to end the war could be signed as soon as this weekend.
Iran has not publicly confirmed the claims.
A spokesperson for the country’s Ministry of Foreign Affairs told reporters that a memorandum of understanding with the US is “under consideration”, a softer position than Tehran has taken at any point since the April ceasefire collapsed and the two sides resumed trading blows.
Markets bet on the Iran peace deal holding
The momentum carried into Friday’s Asian session.
South Korea’s Kospi surged more than 8% in morning trade, Japan’s Nikkei 225 rose as much as 4%, Taiwan’s TAIEX gained about 2.4%, Australia’s ASX 200 added 1.8% and Hong Kong’s Hang Seng climbed more than 1%.
Brent crude fell about 1% to below $89.50 a barrel on hopes of a return to normality in the Strait of Hormuz, the chokepoint that carries roughly one-fifth of global energy supplies in peacetime and has sat at the centre of the conflict for weeks.
Khoon Goh, head of Asia research at ANZ Bank, sounded a note of caution.
“For the rally to be sustained, investors will want to not only see the actual deal being signed, but a complete reopening of the Strait of Hormuz,” Goh said.
“Only then will we see the gains extend.”
What happens next for the rally
Fabien Yip, a market analyst at online broker IG Group in Sydney, said the rebound reflected a “meaningful easing of geopolitical risk” alongside anticipation of SpaceX’s market debut.
“The broader read on today’s Asian follow-through is that dip-buying interest remains genuine,” Yip said.
“That matters for how you characterise what’s happened over the past week.”
“This looks less like a structural break in the bull market and more like a healthy reset after a rapid, near-straight-line advance, the kind of consolidation that can potentially extend a rally’s longevity,” Yip added.
Trump has claimed a deal was close on several occasions over the past three months without one materialising.
The next test arrives within days; if documents are signed this weekend as the US president suggests, attention shifts to the reopening of the Strait of Hormuz and how quickly oil flows normalise.
