US stocks bounced back on Tuesday on reports that both Tehran and Washington may be looking to exit the month-long conflict.
US President Donald Trump is willing to cease hostilities even if the Strait of Hormuz remains closed, The Wall Street Journal reported.
And Iran’s president suggested the Islamic Republic is open to ending the war if certain conditions are met, according to Iranian state media.
While the messages offered no indication of concrete diplomatic progress, expectations “may have hit a low enough point that any glimmer of hope” can trigger a rally, an analyst said.
China and Pakistan on Tuesday also offered a plan to end the war.