Oil prices fell and Asian stock markets surged to record highs on Wednesday after Donald Trump said negotiations with Iran were making "great progress" toward a final agreement and announced a brief pause in US operations escorting ships through the Strait of Hormuz.
Brent crude tumbled 1.2 per cent to $108.51 a barrel, still well above its roughly $70 price before the war began, but lower than the highs of recent weeks.
