A 2-week ceasefire between the U.S. and Iran triggered a relief rally across risk assets, sending stocks higher and oil tumbling, while persistent demand for gold and Treasurys pointed to a market still hedging against uncertainty.

U.S. President Donald Trump said he had agreed to suspend planned attacks on Iranian infrastructure for two weeks, subject to Iran agreeing to a “COMPLETE, IMMEDIATE, and SAFE OPENING of the Strait of Hormuz.”

Stocks surged across regions, with Asian and European benchmarks climbing, as investors seized on the announcement as a potential turning point in a conflict that has rattled markets for weeks. 

South Korea’s Kospi surged over 5%, while the small-cap Kosdaq was up 3.4%. Japan’s Nikkei 225 rose 4%, while the Topix was 3.2% higher. Australia’s S&P/ASX 200 advanced 2.7%. Hong Kong’s Hang Seng Index was up more than 2%, while mainland China’s CSI 300 rose 2.15%.

Shortly after the opening bell in London, the pan-European Stoxx 600 index was seen 3.6% higher, with all sectors besides oil and gas in the green.

The U.K.’s FTSE 100 index added 2.5%, Germany’s DAX rose 4.9%, while France’s CAC 40 was up 3.6% and Italy’s FTSE MIB up 3.7%.